Clause 31 - Time limits for demands for penalties
Finance Bill
11:15 am
Mr Michael Jack (Fylde, Conservative)
May I ask the Minister how that would operate in the case of a company that might, for example, be fraudulently avoiding its obligations under VAT legislation which then, perhaps after three or four years, goes into liquidation? It would automatically go out of business and cease to be a legal entity. The 20-year timescale could give rise to the possibility that people might contrive to avoid their obligations through such artificial constructs. If so, what will happen?