Insolvency: Taxation

Summary

To ask the Chancellor of the Exchequer, what proportion by value of taxes typically owed by businesses at the point of insolvency are expected to be covered by the extension of secondary preferential creditor status for HMRC to include VAT, PAYE, and othe

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Timeline

1. 22 January 2021

   Written question

   To ask the Chancellor of the Exchequer, what proportion by value of taxes typically owed by businesses at the point of insolvency are expected to be covered by the extension of secondary preferential creditor status for HMRC to include VAT, PAYE, and othe

   Source: Commons

2. 27 January 2021

   Answer

   The recent change to HMRC’s creditor status for certain debts ensures that when a business enters insolvency, more of the taxes paid in good faith by its employees and customers, but held temporarily by the business, go to fund public services as intended...

   Source: Written answer

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• · Treasury · Answering body

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