TAXPAYERS will take a £75 million hit from the collapse of Phones 4U, with just a tiny fraction of the money they are owed set to be paid, administrators said.
The sum had been due to HM Revenue and Customs for VAT and corporation tax.
But administrators PwC said HMRC was among unsecured creditors owed a total of £168 million who will now only receive 0.4p in the pound.
It means that the taxman will receive just £300,000 of the £75 million owed.
Meanwhile, more than 3,000 former employees are due to receive wages up to £800 plus holiday pay and pension contributions, totalling £3.4 million. Around 2,000 others kept their jobs when parts of the business were sold to rivals.
PwC said “significant progress” had been made reducing the arrears to former staff and the remainder was expected to be paid over the next six to nine months.
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