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answer text |
<p>HM Revenue and Customs (HMRC) only ever considers insolvency as a last resort.
Anyone who is worried about being able to pay what they owe should contact HMRC, who
may be able to agree an instalment arrangement based on the individual’s financial
circumstances. There is no maximum length for these arrangements.</p><p> </p><p>Where
people are facing insolvency, HMRC is not always the only creditor. Some individuals
are declared bankrupt as a result of a non-HMRC debt and some individuals may choose
to enter insolvency themselves based on their overall financial position. To date,
HMRC has not initiated insolvency proceedings against any taxpayer solely for a Loan
Charge debt.</p><p> </p><p>As set out in the answer to <a href="https://questions-statements.parliament.uk/written-questions/detail/2024-03-05/17136"
target="_blank">PQ 17136</a>, since 2022, HMRC has issued around 2,700 decisions under
s.684(7A)(b) of the Income Tax (Earnings and Pensions) Act 2003 to disguised remuneration
scheme users.</p>
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