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Self assessment query

Self assessment query

I wonder if anyone can help?

One of my clients invested £650,000 in a clerical medical offshore investment bond in the tax year 10/11 via a financial advisor.  Unfortunately his financial advisor forgot to actually place the funds.  The advisor has worked out the interest he would have made if he had invested the funds and has given this to my client as a goodwill gesture.  Could anyone help me out with how to account for this cash on his tax return, I am stumped!

Thanks so much!


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15th Jan 2012 14:31

Pardon me for asking, but has your client since received confirmation - direct from Clerical & Medical - that the full £650,000 has been received by them and invested in the client's name?

I see so many criminal cases that fraud is the first thought that comes to mind!


Accounting Evidence Ltd

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to Ammie
15th Jan 2012 14:51


Thank you! Didn't think of that! 

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16th Jan 2012 15:18

I just thought . . .

I just thought £650,000 was rather a large amount to forget!

Did your client make payment to the advisor / advisor's business or did he hand over a cheque made payable to Clerical & Medical?

I assume the advisor is UK based and regulated under the FSMA 2000?  It might be worth just checking online that the advisor is listed on the FSA register HERE.


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18th Jan 2012 11:19

Well done David

I wish I had your clarity of thinking.

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18th Jan 2012 12:16

Professional claims


Always advise clients to check the FSA register to see if the adviser is authorised to handle cleints money. Not many are and even if this is proven the client should never make a cheque out to the adviser, alwasy make it out to the investment house.

If anyone has problems like this you should act quickly to establish the facts and seek the assistance of an authorised claims handler who knows this sector inside out.

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