SIR Philip Inexperienced’s Arcadia group went bust simply hours earlier than having to pay taxpayers tens of tens of millions of kilos.
Powerful new HMRC “crown desire” powers come into drive tomorrow — giving the taxman precedence over most different collectors owed cash when corporations go underneath.
Sir Philip Inexperienced lounging on his £100million tremendous yacht final month Credit score: The Mega Company
However as a result of Arcadia collapsed on Monday night, HMRC misplaced out on VAT, nationwide insurance coverage and earnings tax.
There isn’t a suggestion the timing was to keep away from the HMRC funds.
Arcadia’s woes put 13,000 jobs in danger at its Burton, Topshop, Dorothy Perkins and Miss Selfridge shops.
And it comes as pensions consultants estimated a black gap in Arcadia’s pension fund of as much as £350million.
The shortfall may see round 10,000 pensioners having retirement pay-outs lower by ten per cent.
Tonight sources stated the agency’s huge workforce meant payroll taxes alone have been more likely to be “important”. And Green’s biographer, Oliver Shah, tweeted the entire would run into “tens of tens of millions of kilos”.
Girl Tina, pictured with Sir Philip Inexperienced, is the authorized proprietor of Arcadia
Even when Arcadia had gone bust after the brand new legislation got here into drive, Inexperienced, 68, and his spouse, Lady Tina, wouldn’t have personally misplaced out.
They nonetheless would have had precedence over HMRC to get again at the least a few of the loans they put into the enterprise.
Below an organization voluntary settlement struck final yr, Girl Tina — who’s the authorized proprietor of Arcadia — lent the group £50million. She additionally offered £40million in compensation to landlords and put in one other £10million of additional fairness.
Crown desire was abolished in 2003 however has been introduced again by the Authorities as a manner of securing Treasury money from failed corporations.
Final yr Girl Tina, 71, agreed to pay £100million into the Arcadia pension scheme over three years.
Pension regulators have come underneath stress to reveal whether or not all of the money promised by Girl Inexperienced has but been paid to the scheme.
TopShop is the jewel within the crown of Philip Inexperienced’s retail empireCredit score: Alamy Reside Information
Burton and Dorothy Perkins are additionally a part of the Arcadia groupCredit score: Alamy Reside Information
Jobs at Wallis shops are amongst 13,000 in danger throughout the groupCredit score: PA:Press Affiliation
Miss Selfridge workers are additionally a part of Arcadia’s workforceCredit score: Getty – Contributor
Whereas she is known to have paid over £50million, she has a ten-month respiration house earlier than she legally has to pay the total quantity.
Consultants at the moment stated there was little probability of Sir Philip or his household being hit with any authorized motion.
Pensions guide John Ralfe stated: “No matter political stress there’s, no matter else may occur, there is no such thing as a authorized case.”
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