Implications for Directors – Finance Act 2020
There has been talk for some time about changes to how HM Revenue & Customs’ (HMRC) debt status will impact upon companies and directors. The change to HMRC’s status in insolvency procedures has been threatened for a while, as has joint and several liability for directors where there is evidence of tax avoidance and/or tax evasion, so it was no surprise that the Finance Act 2020 has both of these measures included within it. However, what has come as a surprise is the extension of the joint and several liability for directors who have been involved in a number of insolvencies.
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