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Vol 23 No 12 Dec 18/Jan 19

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Taxation in Corporate Insolvency and Rescue 7th ed

ISBN13: 9781526503565
Previous Edition ISBN: 9781845921934
Publisher: Bloomsbury Professional
Country of Publication: UK
Format: Paperback
Price: Publication Abandoned

This title provides comprehensive and detailed information on the UK tax implications when a company becomes insolvent and has to be rescued or enters into a formal insolvency process. It covers the tax aspects of companies in liquidation, administration, different forms of receivership, and those making voluntary arrangements, and the tax consequences for their creditors, shareholders, landlords and guarantors. It also covers the implications for a company and its creditors of restructuring debt, hive-downs and 'pre-packs'. It explains the basics of insolvency law for tax practitioners and covers the tax position in detail. It sets out the different UK insolvency procedures and options for restructuring indebted companies, and then describes the tax complications which can arise, in respect of direct taxes and VAT. It also looks at the UK tax implications from an international perspective.

Includes the long-awaited insolvency rules which came into effect in April 2017. These replace the Insolvency Rules 1986 and their 28 subsequent amendments. The rules have been recast to reflect modern business practice and to make the insolvency process more efficient.

The seventh edition is fully updated to reflect the latest Finance Act, the new Insolvency Rules and relevant case law, as well as the following:

  • case law on challenges to values of creditors' debts
  • changes introduced by Insolvency (Amendment) Rules 2010 (within IR 2016)
  • case law on social clubs not being entitled to enter insolvency procedures
  • the nature of tax claims in an insolvency (by HMRC)
  • anti-avoidance (s. 703) amendments
  • substantial shareholdings amendments
  • de-grouping charge amendments
  • review of HMRC attitude to approval of CVAs
  • loan relationship amendments
  • distribution rule changes
  • secondary liabilities provisions
  • VAT bad debt relief
  • new company rescue provisions
  • international provisions such as UNCITRAL
  • case law review regarding jurisdiction in insolvency cases and UK tax residence.

1: Introduction and description of insolvency procedures
2: Crown set-off
3: Income and corporation tax in administration and liquidation – the legal and tax framework
4: Income and corporation tax in administration and liquidation – detailed aspects
5: Income and corporation tax in administrative receivership
6: Company arrangements and moratoria
7: VAT in administrative receivership, administration and liquidation
8: Taxation of shareholders, creditors, guarantors, etc
9: Some other insolvency procedures
10: International element
11: Compliance
12: Company rescues