HMRC Loses £75M on Phones4U

The FT reports that approximatley £170m owed to unsecured creditors in collapsed mobile phone retailer Phones4U will be almost entirely wiped out.

Unsecured creditors to the retail chain are owed about £168m but are only likely to receive 0.4p for every pound, PwC said. These include HMRC, which is owed about £75m in VAT and corporation tax.

However, creditors who own Phones4U’s £430m worth of senior secured notes, which are listed on the Irish stock exchange, “may recover” 20 per cent to 24 per cent of their money, as their debt ranks higher up the legal ladder for repayment priority in an insolvency.

Tax does have to be taxing.

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