Revenue probes regeneration tax schemes

HMRC is investigating tax schemes targeting capital allowance reliefs available under government-backed initiatives to regenerate deprived areas.

According to The Times, the Revenue is concerned that regeneration projects worth up to £2bn are being used for artificial tax avoidance.

One of the schemes, set up by the coalition government to stimulate growth and incentivise development, is worth £450m and funded by Chancery Accounts and Tax. The project is backed by well-known investors including golfer Rory McIlroy, Wayne Rooney and Kenny Dalglish, but has been targeted for what HMRC sees as artificial levels of developer income.

In a continuing series of articles on tax avoidance, The Times reported that the company, which claims it has raised £750m for...

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