HMRC recently announced that it was ending its tax clearance service, marking a significant change in how it approached Members’ Voluntary Liquidations (MVLs). The most recent insolvency advice, which was released on December 6, 2023, indicates a shift in the role of insolvency practitioners (IPs), placing more emphasis on their need to use professional judgment when making conclusions. With this action, HMRC hopes to speed up the resolution of cases that have been delayed because of its capacity limitations while also streamlining the MVL procedure.
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