Changes on tax abuse using company insolvencies: draft Finance Bill 2019-2020, ICAEW REP 88/19, 5th September 2019

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In Folder: ICAEW Representations, 2019

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Changes on tax abuse using company insolvencies: draft Finance Bill 2019-2020, ICAEW REP 88/19, 5th September 2019

ICAEW response to HM Revenue and Customs consultation on draft Finance Bill 2019-20 legislation on tax abuse using company insolvencies, issued 5 September 2019; prepared by ICAEW's Business Law Department with input from ICAEW's Insolvency Committee and Tax Faculty. It raises concerns about the extension of HMRC powers and potential negative impacts on enterprise and company restructuring; argues that gaps should be addressed through company and insolvency law reform; calls for clearer definitions of terms such as 'serious possibility' and 'participator' and for guidance on tests and review periods; suggests excluding members' voluntary liquidations from 'insolvency procedure' and clarifying 'similar business' tests; includes a suggested amendment to delete the clause and schedule. (AI generated description)

Dublin Core Metadata

title: Changes on tax abuse using company insolvencies: draft Finance Bill 2019-2020, ICAEW REP 88/19, 5th September 2019

creator: Business Law Department

creator: Insolvency Committee

creator: Tax Faculty

creator: ICAEW

subject: Insolvency

subject: Taxation

description: ICAEW response to HM Revenue and Customs consultation on draft Finance Bill 2019-20 legislation on tax abuse using company insolvencies, issued 5 September 2019; prepared by ICAEW's Business Law Department with input from ICAEW's Insolvency Committee and Tax Faculty. It raises concerns about the extension of HMRC powers and potential negative impacts on enterprise and company restructuring; argues that gaps should be addressed through company and insolvency law reform; calls for clearer definitions of terms such as 'serious possibility' and 'participator' and for guidance on tests and review periods; suggests excluding members' voluntary liquidations from 'insolvency procedure' and clarifying 'similar business' tests; includes a suggested amendment to delete the clause and schedule. (AI generated description)

publisher: ICAEW

contributor:

date: 2019-09-05

type: Text

format: pdf

identifier: ICAEW REP 88/19

language: en

relation: ICAEW Representation

ICAEW Metadata

Content Type: Representation

Notes: MEP NK

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