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Insolvency

Treasury written question – answered on 7th February 2020.

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Photo of Stephen Crabb Stephen Crabb Chair, Welsh Affairs Committee

To ask the Chancellor of the Exchequer, what representations he has received on the effect on business lending of making HMRC a secondary preferential creditor in insolvencies.

Photo of Stephen Crabb Stephen Crabb Chair, Welsh Affairs Committee

To ask the Chancellor of the Exchequer, if he will publish an impact assessment on making HMRC a secondary preferential creditor in insolvencies.

Photo of Stephen Crabb Stephen Crabb Chair, Welsh Affairs Committee

To ask the Chancellor of the Exchequer, what discussions he has had with the Office for Budget Responsibility on making HMRC a secondary preferential creditor in insolvencies.

Photo of Jesse Norman Jesse Norman The Financial Secretary to the Treasury

The OBR assessed the Exchequer impact of the policy and the methodology behind it to feed into their economic forecast.

A summary of responses to the consultation was published in February 2019, and can be viewed here: https://www.gov.uk/government/consultations/protecting-your-taxes-in-insolvency. Following the publication, the Government has continued to engage with a range of interested parties to discuss and explore further the issues raised.

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