JSL1320 - Introduction: Where to obtain assistance and guidance: HMRC teams: Insolvency and Securities Team

The Insolvency and Securities Team (IST), which is located within Fraud and Investigation Serve (FIS), is charged with maximising the amounts recovered from insolvencies and using civil measures to minimise the risks from non-compliant or phoenix traders.

In most insolvencies the liquidation of assets is carried out with honesty and integrity by a professional Insolvency Practitioner (IP) and HMRC do not need to intervene. However, in some cases we need to intervene because for example:

• the IP may not be aware of the full facts;
• we have doubts about the full extent of the tax liabilities;
• we have concerns that the IP may not pursue any irregularities.

The common factor is the risk to the exchequer and cases like these are what IST deal with - to assess the situation and where necessary intervene and apply the most appropriate tool (PAYE Direction, Insolvency Intervention, Security, Asset Recovery).