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HMRC ramps up asset seizures to pay VAT bills

Accountancy Age

THE AMOUNT of companies that have had assets seized and sold by HM Revenue & Customs in order to settle VAT bills rose significantly during the recession. According to data obtained by finance provider Syscap, the incidence of asset seizures rose 14-fold between 2008 and 2013, with 3,657 businesses having assets seized using its powers of ‘distraint’, compared to just 263 in 2008/9. Distraint means that the taxman can remove goods…

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