Taxman criticised over handling of businesses mis-sold rate swaps

by Calum Fuller

More from this author

23 Nov 2012

  • Comments
hmrc-2

THE TAXMAN has been accused of failing to help companies threatened with administration after they ran into difficulty having been mis-sold interest rate swaps.

Guto Bebb, head of the all-party parliamentary group on swap mis-selling, said MPs had "concerns" that HMRC was being "rather less than sympathetic" in its handling of cases involving businesses mis-sold complex interest rate derivatives by their lenders.

"It is very concerning to see that HM Revenue & Customs appears intent on pushing businesses that might well be eligible for redress into administration," said Mr Bebb in a letter to Mike Eland, director-general for enforcement and compliance at HMRC.

Member firms of the UK200Group backed Bebb's criticism, with David Ingall, consultant with JWPCreers, noting the issue was "yet another example of government not recognising the issues that the real world has to face".

He added: "The political section of government needs to address the swap issue and encourage the banks to come to settlements with their customers where there has been mis-selling."

A spokesman for HMRC said: "HMRC offers a range of support to businesses in temporary financial difficulties, to help them manage their cashflow problems. Where businesses are facing genuine short-term cashflow difficulties for whatever reason, it is important they approach us as soon as they realise, so that we can consider early on whether time to pay is appropriate.

"HMRC is always happy to meet with recognised representative groups to discuss the needs of the groups they represent."

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

conservatoire-for-dance-and-drama

Finance-Director-part-time

Conservatoire for Dance and Drama, London, Permanent, Part Time, £60,000 pro rata

 

 

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.