HMRC wins £156m tax avoidance tribunal

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HMRC has successfully challenged a tax avoidance scheme to allow wealthy people to pay little or no tax on their income, in a court ruling that it said will protect £156m in tax.

The case, Andrew Chappell and the commissioners for HMRC, first-tier tribunal, UKFTT 98 focused on a scheme devised by NT Advisors LLP and sold by Dominion Fiduciary Services Group, which had 305 users, HMRC said.

Rex Bretten QC, acting for Andrew Chappell, acknowledged that his client had taken part in the scheme solely for tax avoidance.

HMRC specialist investigators unravelled the series of complicated financial transactions involved in the scheme, involving loan notes worth £6 million, which was intended to exploit the tax rules on stock lending.

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28th Feb 2013 16:59

Will there be any penalties?

Will there be a liability to pay back taxes, penalties, etc?

It's more likely they will keep their tax savings, pay nothing towards court costs, and the scheme providers & their clients will generally come out of this saying 'it was good while it lasted' and 'we've raked in a few million to keep us going until the next one comes along'?

Thanks (2)