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Members' Voluntary Liquidations - ESC C16 being enacted with effect from 1 March 2012

17 January 2012

Following on from our Members’ Voluntary Liquidation (MVL) update on 15 November 2011, the long awaited decision on ESC C16 has been made by HMRC with the announcement that once the legislation is enacted, subject to Parliamentary approval, distributions of over £25,000 will be treated as income distributions. 

This may mean that higher and additional rate tax payers will need a formal solvent liquidation (MVL) in the future to avoid having to pay tax on amounts over £25,000, as these will be treated as income or dividends in their hands. 

Click here to read the full HMRC document "Enactment of Extra-Statutory Concession C16".

As a Senior Manager with 25 years of insolvency experience, Linda has specialised in MVLs since 1994. Assisted by a team of five, Linda's experience ranges from small MVLs, which could have been achieved via ESC C16 or via the formal MVL route, to re-constructions under Section 110 of the Insolvency Act 1986. 

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