Brodies LLP has published a briefing containing details of the proposal to introduce a new “secondary preferential” status for HMRC.  Under the proposals, the statutory order of priority is to be amended to afford VAT and “relevant deduction[s]” a new priority over floating charge holders and other ordinary unsecured creditors – but penalties arising from the relevant taxes will not be covered by secondary preference.


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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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