Tax first charge on property secures government claims over taxpayer assets, subject to the insolvency regime exception. Any amount payable by a taxable person or other person on account of tax, interest or penalty is a first charge on that person's property, operating ... Summary
Tax first charge on property secures government claims over taxpayer assets, subject to the insolvency regime exception.
Any amount payable by a taxable person or other person on account of tax, interest or penalty is a first charge on that person's property, operating notwithstanding any contrary provision in other laws, except as otherwise provided in the Insolvency and Bankruptcy Code; it creates a statutory security interest in favour of the Government for recovery of tax liabilities.
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