|
answer text |
No estimate can be provided for trends in bankruptcy rates for people that are subject
to the loan charge.<p> </p><p>Where debts arise, HMRC are not always the only creditor.
Some individuals are declared bankrupt as a result of a non-HMRC debt or may choose
to enter insolvency proceedings themselves, based on their overall financial position.</p><p>
</p><p>HMRC only ever considers insolvency as a last resort. They encourage taxpayers
to get in contact with them, with a view to agreeing the best way to settle the tax
debts.</p><p> </p><p>To date, HMRC has not initiated insolvency proceedings against
any taxpayer for a Loan Charge debt.</p>
|
|