FT Adviser: John Hood outlines how HMRC will confront phoenix companies
‘Phoenixism’ is not a term solely reserved for mythology and has been recently used to describe the occurrence of companies being re-established in a different form, while remaining virtually the same. John Hood, tax partner at Kingston Smith, explains that this is done to avoid possible tax liabilities and HMRC have now cracked down on such actions by introducing legislation that allows them to present multiple notices to phoenix companies.
For more information on HMRC’s new legislation or other tax matters, please contact a member of our team or visit our tax web page.
John’s article appears in the FT Adviser. Read the full article here.