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registered interest false more like this
date less than 2019-07-23more like thismore than 2019-07-23
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Insolvency more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government what assessment they have made of the impact that the proposal to make HMRC a secondary preferential creditor in insolvencies may have on business rescue support in the UK from April 2020. more like this
tabling member printed
Baroness Burt of Solihull more like this
uin HL17384 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-08-06more like thismore than 2019-08-06
answer text <p>This reform is designed to ensure that when a business becomes insolvent, more of the taxes paid in good faith by that business’s employees and customers will go to fund public services as intended, rather than being distributed to other creditors such as financial institutions.</p><p>This measure does not include a cap on the age of tax debts which will be eligible for secondary preferential status, nor an exemption for existing lending. Either proposal would introduce potential distortions into the lending market which the Government does not consider to be either fair or proportionate.</p><p>The Government does not expect this reform to have a significant impact on access to finance, the cost of borrowing, business rescue support in the UK or the UK’s ranking in the World Bank’s annual “Doing Business” report.</p><p>Consistent with the Government’s impact assessment, the independent Office for Budget Responsibility (OBR) did not make any adjustments to their economic forecast in response to this measure.</p>
answering member printed Lord Young of Cookham more like this
grouped question UIN
HL17385 more like this
HL17386 more like this
HL17387 more like this
question first answered
less than 2019-08-06T13:34:00.673Zmore like thismore than 2019-08-06T13:34:00.673Z
answering member
57
label Biography information for Lord Young of Cookham remove filter
tabling member
1567
label Biography information for Baroness Burt of Solihull more like this