The new Finance Bill could have serious implications for those who trade without taking payment or security up-front, writes Adam Bernstein
It’s bad enough that failed firms leave a wake of upset and financially hurt creditors. But when the taxman steams in and takes preference over other creditors, nothing is left for anyone else, and it can leave a particularly nasty taste in the mouth.
This situation, known as Crown preference, was abolished in 2002. However, it’s about to be reinstated through the Finance Bill that is currently going through parliament. Without putting too fine a point on it, those who trade without taking payment or security up-front need to pay attention.
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