More than 400 individuals who took part in a "highly complex" tax avoidance scheme may owe £190m after HMRC won a tax tribunal.
The scheme, promoted by boutique tax firm, NT Advisors, involved the sale of shares to the investors for millions of pounds more than they were worth. The sale of the shares created a huge paper loss – at no risk to investor, who could offset their loss against income tax.
One investor sold more than £6m-worth of shares for £552.
The first tier tribunal (Steven Price, John Myers and James Lucas v HMRC, TCO2703) said...