Tax Issues for Distressed & Insolvent Companies with Philip Ridgway

Introduction

Although vast amount of financial support from the government was available through the pandemic, the sad fact remains that as that support was withdrawn many businesses failed or needed to be rescued. Tax advisers may find they are now having to deal with different insolvency procedures with subtly different rules.

Probably tax is the last thing on people's minds; after all if a company is making losses what is there to tax? The reality is different. HMRC are likely to be a creditor and what is more they are top of the list when it comes to paying any expenses of administration.

This virtual classroom session seeks to guide tax advisers through the basic rules applicable to the different procedures and also deals with some of the more common complex issues that might arise.

What You Will Learn

This live and interactive course ill cover the following:

• An outline of the different types of insolvency procedures:
• Part 26A (Companies Act 2006) restructuring plan
• Part 26 (Companies Act 2006) scheme of arrangement
• Company Voluntary Arrangements (CVAs and PVAs)
• Administration
• Liquidation
• Creditors voluntary liquidation (CVL)
• Compulsory
• Receivership
• Administrative receivership
• In relation to each of the above:
• The role of Insolvency Practitioners, their powers and duties
• Accounting periods for tax: when do they begin; when do they end?
• Corporation tax
• Corporation tax on chargeable gains
• Beneficial ownership of assets
• Crown preference
• Tax as expense
• VAT
• PAYE
• CIS
• Groups
• Loan relationships
• Corporate rescue exemption
• Debt/equity swaps
• Connected party debt
• Becoming connected through restructuring
• Other issues will be covered depending upon what is topical at the time

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.