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    Lomas - Court confirms statutory interest payable on insolvency is not 'yearly interest' and criticises HMRC's change of position
    2016-11-01

    In Lomas and others v HMRC [2016] EWHC 2492 (Ch), the High Court has confirmed that statutory interest payable on insolvency is not 'yearly interest' for UK tax purposes. The administrators therefore had no obligation to account for income tax on the interest payments made. The Court was also critical of HMRC's contradictory guidance on this issue.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, HM Revenue and Customs (UK), High Court of Justice
    Authors:
    Michelle Sloane
    Location:
    United Kingdom
    Firm:
    RPC
    Taxpayer's application to have HMRC's winding-up petition dismissed fails due to lack of evidence
    2015-08-19

    In Winnington Networks Communications Ltd v HMRC[1], the Chancery Division Companies Court (Nicholas Le Poidevin QC) refused the taxpayer company's application to have HMRC's winding-up petitions dismissed, as it had failed to provide evidence that it had a real prospect of successfully disputing the debt claimed by HMRC.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, Liquidation, HM Revenue and Customs (UK)
    Authors:
    Adam Craggs
    Location:
    United Kingdom
    Firm:
    RPC
    Nowhere to hide: Supreme Court considers illegality defence and global application of Insolvency Act 1986 in VAT fraud case
    2015-07-06

    On 22 April 2015 the Supreme Court handed down its judgment in the case of Jetivia SA and another v Bilta (UK) Ltd (in liquidation) and others [2015] UKSC 23, which was heard in October last year.  In short it decided that: 1) defendant directors cannot raise illegality as a defence to a claim by a company where the directors themselves acted wrongfully; and 2) a claim in fraudulent trading under Section 213 of the Insolvency Act 1986 (Section 213)has extra-territorial effect.

    Background

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Tax, White Collar Crime, RPC, Fraud, Value added tax, Liquidation, Insolvency Act 1986 (UK), HM Revenue and Customs (UK)
    Authors:
    Amy Gallimore
    Location:
    United Kingdom
    Firm:
    RPC
    Directors did not breach fiduciary duty in relation to insolvent company's participation in failed tax avoidance scheme
    2022-06-01

    In Stephen John Hunt (Liquidator of Marylebone Warwick Balfour Management Ltd) v Richard Balfour-Lynn and others [2022] EWHC 784 (Ch), the High Court decided that the directors of a company which went into liquidation after participating in an ineffective tax avoidance scheme did not breach their fiduciary duties and payments made pursuant to the scheme were not transactions defrauding creditors.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, HM Revenue and Customs (UK)
    Authors:
    Rebekka Sandwell
    Location:
    United Kingdom
    Firm:
    RPC
    Defendants receive custodial sentences for contempt of court in VAT case
    2015-06-03

    In the recent case of HMRC v Munir & Others[1], HMRC successfully applied to the Court for committal of three company officers for contempt of court where an order appointing a provisional liquidator was knowingly breached.

     Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, Contempt of court, HM Revenue and Customs (UK)
    Location:
    United Kingdom
    Firm:
    RPC
    Company Top Guns may face HMRC investigation
    2021-04-01

    HMRC clamping down on furlough fraud by companies in Danger Zone

    The latest statistics show that over 11 million workers have been furloughed in the UK as part of the government's job retention scheme (that equates to 16% of the population or one in six people) and 41% of employers had staff furloughed. The scheme has so far cost the government over £40 billion and this figure will continue to rise until the end of September this year when the scheme is set to wind down.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Tax, RPC, HM Revenue and Customs (UK)
    Authors:
    James Wickes , Alison Clarke
    Location:
    United Kingdom
    Firm:
    RPC
    High Court criticises HMRC's conduct and compels it to honour its undertakings
    2015-02-19

    The published judgment in Abbey Forwarding[1] will not make for comfortable reading for HMRC. Having instigated the winding up of a profitable business, which led to the dismissal of 23 employees, and accused  innocent directors of fraud, HMRC then withdrew all assessments made against the company and attempted to avoid undertakings it had given to the court when seeking the original winding up order.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, HM Revenue and Customs (UK)
    Location:
    United Kingdom
    Firm:
    RPC
    HMRC Debts (priority on insolvency) - Regulations made
    2020-10-16

    On 11 September 2020, the Insolvency Act 1986 (HMRC Debts: Priority on Insolvency) Regulations 2020 were made. The Regulations will come into force on 1 December 2020.

    The Regulations set out the debts due to HMRC that will have ‘secondary’ preferential status in insolvencies from 1 December 2020. They are debts in respect of PAYE income tax, employee NICs, construction industry scheme deductions and student loan repayments. VAT debts are to be treated in the same way, though are not covered by these Regulations.

    Filed under:
    United Kingdom, Employment & Labor, Insolvency & Restructuring, Tax, RPC, HM Revenue and Customs (UK)
    Authors:
    Adam Craggs , Ben Roberts , Robert Waterson
    Location:
    United Kingdom
    Firm:
    RPC
    Court of Appeal denies input tax on accountancy services relating to a refinancing and restructuring process: Airtours Holiday Transport Limited v HMRC
    2014-08-28

    Court of Appeal denies input tax on accountancy services relating to arefinancing and restructuring process: Airtours Holiday Transport Limited vHMRC5

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Tax, RPC, Refinancing, HM Revenue and Customs (UK), Court of Appeal of England & Wales
    Authors:
    Adam Craggs , Ben Roberts , Robert Waterson
    Location:
    United Kingdom
    Firm:
    RPC
    HMRC Debts: Priority on Insolvency - draft Regulations published
    2020-07-29

    On 4 June 2020, a draft of The Insolvency Act 1986 (HMRC Debts: Priority on Insolvency) Regulations 2020 was provided to the Public Bill Committee. The Regulations are due to come into force on 1 December 2020.

    The draft Regulations set out the debts due to HMRC that will have ‘secondary’ preferential status in insolvencies from 1 December 2020. They are debts in respect of PAYE income tax, employee NICs, construction industry scheme deductions and student loan repayments. VAT debts are to be treated in the same way, though are not covered by these draft Regulations.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, RPC, Insolvency Act 1986 (UK), HM Revenue and Customs (UK)
    Authors:
    Adam Craggs , Ben Roberts , Robert Waterson
    Location:
    United Kingdom
    Firm:
    RPC

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