£1.6m tax avoidance scheme defeated by HMRC

Freelance journalist
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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...

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