At a Glance
The Finance Act 2020 received Royal Assent on 22 July, meaning that:
- HMRC will rank as a preferential creditor in respect of certain taxes, in insolvency proceedings commencing from 1 December 2020 — strengthening HMRC’s position at the expense of other creditors; and
- Directors risk potential personal liability for taxes in certain “tax abuse” cases involving insolvency or potential insolvency.
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