<b>Tax News:</b> HMRC investigates 'prime broker' users. By Nichola Ross Martin

Kashflow logo
Share this content

The Revenue have been investigating a number of traders, who were resident in the UK, and were thought to be evading tax by trading in shares through a nominee company registered in the British Virgin Islands, using a UK investment bank as the 'prime broker'. This meant that they also enjoyed institutional investor status.

The investigation followed a voluntary disclosure made by a group of London share traders to Special Compliance Office in 2002. They were UK taxpayers who had made profits trading in shares through a British Virgin Islands company described in the disclosure documents as their nominee. The tax evaded was over 6.1 million and the settlement including interest and penalties amounted to over 7.6 million (about 1.5 million per person on average).

The Revenue applied to a Speci...

Please Login or Register to read the full article

The full article is available to registered AccountingWEB.co.uk members only. To read the rest of this article you’ll need to login or register. Registration is FREE and allows you to view all content, ask questions, comment and much more.

About AccountingWEB


Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.