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FURB Nightmare

FURB Nightmare

A client invested in a FURB operated by Montpelier Tax Consultants (IoM) Ltd in 2006. Apart from the fact that the CT deduction has been challenged by HMRC, a bigger potential problem is that we have been unable to obtain confirmation of even the most basic information regarding the fund e.g. where is the money held, how much is in the fund (loans have been drawn, but interest has presumably accrued) what interest is due on loans drawn by participants? We were promised accounts for the FURB by the end of Jan 2012 and again by the end of Mar 2012, together with supporting bank statements. We have been assured that the funds are held in a seperate nominated client account, but cannot be sure of this. I have lost track of the number of e-mails, recorded delivery letters and phone calls made to Montpelier but never get any further than a helpfull but ultimately impotent PA. What can we do to force their hand? We spoke to the IoM equivalent of the FSA who gave the impression that we were not alone in having this problem!


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07th Dec 2012 11:38

Is this possibly part/all of the reason why you've a problem.(Report from IOM paper) Note particularly the penultimate paragraph

AN Island-based tax consultancy firm has been raided in a joint operation by police and Her Majesty's Revenue and Customs.

Officers from the Island's Financial Crime Unit executed search warrants last week at premises connected with Montpelier Tax Consultants, based at Fernleigh House, Palace Road, Douglas.Similar raids took place in the UK as part of an on-going HMRC investigation into suspected fraudulent tax avoidance schemes.

There were no arrests made in the Island but documents were seized.One arrest was made in the UK.

A statement from the Financial Crime Unit confirmed: 'On Wednesday, September 29, the Isle of Man Constabulary's Financial Crime Unit executed a number of search warrants in connection with assistance provided under the Island's Mutual Legal Assistance Treaty legislation.This is regarding an on-going criminal investigation by Her Majesty's Revenue and Customs Agency into suspected fraudulent tax avoidance schemes.'A quantity of material was seized on the Island but there were no arrests made.'

A statement from UK HMRC said: 'On September 29, search warrants were served on premises in the UK and Isle of Man and a man, aged 60, was arrested in connection with an ongoing criminal investigation.

'The investigation centres around the suspicion that tax avoidance schemes (sold to over 600 subscribers) have been implemented fraudulently, with an estimated tax loss in excess of 90 million.

'HMRC would like to thank the Isle of Man authorities for their co-operation and assistance in this enquiry.'





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By smayles
07th Dec 2012 12:21

Hard to believe, I know, but we did know about this and it does not appear to be our problem! I am assured by the company that no charges were made in connection with the raids, the police have returned all documents and the business continues to run. It can't have helped, of course, but doesn't explain why they are reluctant or unable to provide basic information.

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