£1.6m tax avoidance scheme defeated by HMRC

A property development company has failed in its attempt to avoid paying tax on a property sale by creating a £1.6 million loss.

Abbeyland used a scheme in 2004 that involved buying and surrendering investment bonds issued by a life assurance company.

In Abbeyland Ltd v Revenue and Customs [TC02693] the first-tier tax tribunal ruled that the bond disposal were solely for...

Continued...

» Register now

The full article is available to registered AccountingWEB members only. To read the rest of this article you’ll need to login or register.

Registration is FREE and allows you to view all content, ask questions, comment and much more.