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...
About Nick Huber
I’m a specialist business journalist and have a particular interest in tax and technology.