Recovery Matters – Autumn 2016
Ian Robert, partner at Kingston Smith & Partners LLP welcomes you to the Autumn edition of Recovery Matters.
The number of UK businesses whose assets were seized by HM Revenue and Customs (‘HMRC’), in order to settle outstanding debts grew sharply last year; up 145% from 649 in 2014/15 to 1592 in 2015/16.
According to reports HMRC seized assets to recover £42.6m of outstanding debt in the last year, an increase of 175% from the previous year where debts totalled £15.3m. This process is known as distraint.