Tax and Covid-19 Webinar: David Southern QC and Philip Ridgway
11 June 2020
Thursday 11th June
5pm to 6:30pm
The problem
The public sector can print money. The private sector, whether a MNE or a one-man business, cannot. Essentially, it has to use its own money (reserves, debtors) or someone else’s money (loans, creditors, government grants). The current situation is producing a huge shift in economic power from the private to the public sector. The economics of Mr Corbyn may have found their hour.
Deferral and losses
Businesses are deferring payments (to conserve cash) and running up losses. These will in turn produce a long tailback of future difficulties. All the emphasis at present is on ‘deferral’, but in practice this is often going to mean non-payment. The problem is, what John Kay and Mervyn King have called in a new book, Radical Uncertainty(1).
It is bad timing that restrictions on loss carry-forward and interest relief have been introduced just before these forms of tax relief are going to be needed as never before.
Topics covered
Topics considered will include
• Financial and tax benefits available to businesses
• Conserving cash
• Restrictions on loss carry-forward
• CIR (corporate interest restriction).
• Debt write-offs/releases
• Debt-equity swaps
• Taxation of different insolvency processes.
David Southern QC and Philip Ridgway of Temple Tax Chambers have wide experience of business taxation and Philip is a leading authority on insolvency taxation.
Who should take part?
Accountants, lawyers, business owners and tax professionals concerned in computation of company profits, managing losses and non-payment, accessing tax reliefs and contemplating the procedures and effects of insolvency.
The webinar is free of charge. Joining details and notes will be provided following registration.
REGISTER HERE
(1) Radical Uncertainty: Decision making for an unknowable future by John Kay and Mervyn King.