The Taxman Issues For Individual Voluntary Arrangements

Recently changes to the Individual Voluntary Arrangement (IVA) have raised some questions as to their affects on other aspects of the law including taxation. One important issue to consider when submitting an IVA to HM Revenue & Customs (HMRC), or the “taxman”, is if the IVA is reasonable. The HMRC has begun to show a greater degree of caution when accepting IVA’s and this is due in part to the prevailing global financial crisis.

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