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How HMRC's Renewed Preferential Creditor Status Impacts UK Football Clubs

HMRC and money
Thursday, 19 August 2021 By Mark Warren

The UK’s tax authority, Her Majesty’s Revenue and Customs (HMRC), now holds secondary preferential creditor status in seeking to recover certain taxes upon any UK company entering into insolvency.[1] The nature of the UK legal architecture means that England and Wales, Scotland and Northern Ireland are different legal jurisdictions governed by a different combination of insolvency laws and regulations.[2]

This article focuses on the impact of this tax reform on English law and English professional sports clubs: specifically on those that enter insolvency but also on the ability of clubs to obtain credit during the ordinary course of business.

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Written by

Mark Warren

Mark Warren

Managing Associate, Linklaters 

Mark Warren is a banking finance lawyer at Linklaters. He is an English law qualified solicitor and has been working in international corporate finance since 2012, having worked in London, Hong Kong, Hamburg and now Amsterdam. He advises domestic and international clients across a range of different financial products, including bank lending, structured finance, securitisation, project finance and derivatives.

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