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...