Policy paper
Protecting your taxes in insolvency: Budget 2018 brief
The Budget announced changes to rules related to insolvency.
Documents
Details
From 6 April 2020, when a business enters insolvency, more of the taxes paid in good faith by its employees and customers but held in trust by the business will go to fund public services, rather than being distributed to other creditors such as financial institutions.
This document sets out the rationale and further detail on the measure.
Further information on the wider avoidance, evasion and unfair outcomes package can be found in a separate fact sheet.