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Changes to protect tax in insolvency cases
Posted 17th June 2020
Changes to protect tax in insolvency cases
From the 6th of April 2020 there has been a change to policy objectives for when a business enters insolvency.
More of the taxes paid in good faith by its employees and customers, and temporarily held by the business, will go to funding public services instead of being paid out to other creditors of the business.
Below is the list of taxes collected and held by businesses;
It was in the budget of 2018 that the government had announced that it will be giving HMRC the power to protect the payments of certain tax debts.
However, HMRC will remain as an unsecured creditor for direct taxes on the business, such as Corporation tax and employers National Insurance contributions.
Company Insolvency Services is not authorised and regulated by the FCA and clients who proceed to invest will not have access to the Financial Ombudsman service or the financial services compensation scheme. The content of this website has not been approved by an authorised person and reliance on it may expose the investor to significant risk of losing all of the property or other assets invested.
Sophisticated investors”): a person who has (a) a certificate written within the last 36 months by a firm confirming he has been assessed as sufficiently knowledgeable to understand the risks associated with engaging in activity relating to investments of this nature,
and (b) signed within the period of 12 months prior to the date of accessing this website a declaration that he/she is a certified sophisticated investor who may receive exempt promotions);
I am a self-certified sophisticated investor because at least one of the following applies—
(a) I am a member of a network or syndicate of business angels and have been so for at least the last six months prior to the date below;
(b) I have made more than one investment in an unlisted company in the two years prior to the date below;
(c) I am working, or have worked in the two years prior to the date below, in a professional capacity in the private equity sector, or in the provision of finance for small and medium enterprises;
(d) I am currently, or have been in the two years prior to the date below, a director of a company with an annual turnover of at least £l million.
High Networth Individual
I am a certified high net worth individual because at least one of the following applies—
(a) I had, during the financial year immediately preceding the date below, an annual income to the value of £100,000 or more;
(b) I held, throughout the financial year immediately preceding the date below, net assets to the value of £250,000 or more. Net assets for these purposes do not include—
(i) the property which is my primary residence or any loan secured on that residence;
(ii) any rights of mine under a qualifying contract of insurance within the meaning of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; or
(iii) any benefits (in the form of pensions or otherwise) which are payable on the termination of my service or on my death or retirement and to which I am (or my dependants are), or may be, entitled.
Investment Professional/ Professional Lender
Authorised persons; persons exempt in relation to the promotion of investments of this nature; persons involved ordinarily in investing in unregulated schemes; governments, local authorities or international organisations; or a director, officer or employee acting for these entities in relation to engaging in investment activity (provided that the communication is made to the director, officer or employee in this capacity and when acting in this capacity they are involved in the entities’ participation in investments of this nature)
Regular (non professional) Lender
High Net worth Company
High net worth companies, unincorporated associations etc”): bodies corporate with minimum called-up share capital/net assets of £5 million (except where the body corporate has more than 20 members in which case the minimum share capital/net assets should be £500,000); unincorporated associations or partnerships with minimum net assets of £5 million; trustees of high value trusts; or a director, officer or employee acting for any of these in relation to engaging in investment activity (provided that the communication is made to the director, officer or employee in this capacity and when acting in this capacity they are involved in the entities’ participation in investments of this nature);