The Finance Act 2020: Provisions for Joint and Several Tax Liability for Directors, Managers, Shareholders and Lenders

Weil, Gotshal & Manges LLP
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The Finance Act 2020 provides that directors, managers, shareholders, lenders and others can be made jointly and severally liable for the outstanding tax debts of insolvent (or potentially insolvent) companies and limited liability partnerships (LLPs).

From 22 July, officers of HMRC may, if they consider the various conditions are met, issue a notice to directors and other relevant individuals who own shares or interests in, or who are involved in the management of, the company or LLP. Following receipt of a notice, the relevant individual is jointly and severally liable with the company (or LLP) for the outstanding tax liabilities set out in the notice and HMRC will be able to recover the relevant amount directly from the individual.

Please see full Alert below for more information.

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