Insolvency: joint and several liability notices for directors

Draft legislation for the Finance Bill (expected in spring 2020), together with Explanatory Notes were published on 11 July 2019.

Metadata
Provider: 
UK Parliament researchUK Parliament research
URL: 
https://researchbriefings.parliament.uk/ResearchBriefing/Summary/CBP-8802https://researchbriefings.parliament.uk/ResearchBriefing/Summary/CBP-8802
Retrieved on: 
Thursday, February 6, 2020
Information
Tags: 
Taxation in the United Kingdom, Economy, HM Revenue and Customs, Tax avoidance, Insolvency, Government, Tax, Bankruptcy
Summary
Key Points: 
  • Draft legislation for the Finance Bill (expected in spring 2020), together with Explanatory Notes were published on 11 July 2019.
  • As currently drafted, the new provisions would empower HMRC to issue joint and several liability notices (JSL notices) to individuals when certain conditions relating to tax avoidance and insolvency are met, as well as to companies which have been involved with repeated insolvency or non-payment of tax.
  • This Commons briefing paper provides an overview of the background to, and the main provisions of, this new regime.
  • There is a separate Library briefing paper on Phoenix trading and liability of directors (CBP4083) which may also be of interest.
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