Ritchie\’s tax unpaid numbers

The Sunday Telegraph can reveal that the bulk of creditors – including HM Revenue and Customs and the Government’s Pension Protection Fund (PPF) – will receive no payments as a result of the company’s collapse.

The largest single creditor, lender HSBC, was owed £28.8m at the point of administration, on which it is likely to suffer a “significant shortfall”. The PPF, which had £2.5m worth of loans to Jessops as a result of an earlier financial restructuring, is unlikely to see any money.

HM Revenue and Customs was owed £1.3m in unpaid VAT, National Insurance and PAYE contributions, which, as an unsecured creditor, will not be repaid.

That\’s where a lot of that \”tax unpaid\” that Ritchie goes on about is. In firms (and to a lesser extent, people) who have gone bankrupt.

Not only is it nothing at all to do with tax being dodged it\’s not, even in the slightest, recoverable. It\’s simply part and parcel of having any bankruptcy system at all. And believe me, you really wouldn\’t like a system that did not incorporate that concept.

2 comments on “Ritchie\’s tax unpaid numbers

  1. You wouldn’t, I wouldn’t. But the LHTD and the UTDftDoN would love it. Go bankrupt? Owing the government money? Great!

    We’ll wait until you’ve nearly picked yourself up off the ground and then grind you back down, ideally into a steaming pile of dog shit. For the crime of being a hideous uncaring neo-liberal capitalist exploiter of the downtrodden serfs of the paid-by-taxation class. Of which, of course, Ritchie is a fully paid-up member.

    And, I expect, the egregious Arnald is too.

  2. There’s the difference between him and me.

    He sounds the sort of bloke who would demand the creation of the PPF if it didn’t exist.

    But I wouldn’t rant and rave about a tax gap when it did it’s job.

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