HM Revenue & Customs has lost hundreds of millions of pounds more than previously estimated to an insolvency practice open to abuse by small businesses, underlining the challenge to the UK authority as it seeks to curb tax losses.
HMRC lost £836mn to “phoenixing” — where companies are repeatedly liquidated and set up under new names, sometimes deliberately to avoid payment of tax and other debts — in the 2022-23 tax year, the latest for which data is available.
The estimated loss, recorded in the agency’s 2024-25 annual report, is 45 per cent higher than the £570mn estimated in previous reports. HMRC attributed it to pandemic-era delays in companies declaring insolvency.
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