FURB Nightmare | AccountingWEB

FURB Nightmare

A client invested in a FURB operated by Montpelier Tax Consultants (IoM) Ltd in 2006. Apart from the fact that the CT deduction has been challenged by HMRC, a bigger potential problem is that we have been unable to obtain confirmation of even the most basic information regarding the fund e.g. where is the money held, how much is in the fund (loans have been drawn, but interest has presumably accrued) what interest is due on loans drawn by participants? We were promised accounts for the FURB by the end of Jan 2012 and again by the end of Mar 2012, together with supporting bank statements. We have been assured that the funds are held in a seperate nominated client account, but cannot be sure of this. I have lost track of the number of e-mails, recorded delivery letters and phone calls made to Montpelier but never get any further than a helpfull but ultimately impotent PA. What can we do to force their hand? We spoke to the IoM equivalent of the FSA who gave the impression that we were not alone in having this problem!

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Is this possibly part/all of

bernard michael |

Hard to believe, I know, but

smayles |