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Court throws out £100m tax avoidance scheme appeal

by Michelle Abrego on Jan 30, 2014 at 15:56

Court throws out £100m tax avoidance scheme appeal

A tax avoidance scheme sold by NT Advisors has lost its battle against HM Revenue & Customs (HMRC) in the Court of Appeal, bringing in £100 million in taxes.

In 2006, NT Advisors adviser Matthew Jenner devised the scheme, branded Project Corbiere, for the firm and pitched it to wealthy individuals.

The scheme involved transferring millions of pounds of gilts, backwards and forwards to the British Virgin Islands to manufacture an unwarranted tax deduction of £1.2 million.

The Court of Appeal said the scheme was specifically designed to avoid tax.

Some of the 230 wealthy individuals who first used the scheme in 2005 have settled their tax bills with HMRC but an extra £80 million could have been lost to the UK if this latest appeal had been successful.

The First-tier and Upper Tribunals and the Court of Appeal have all now ruled in HMRC’s favour.

Exchequer secretary to the Treasury David Gauke said: 'This is an important win for HMRC and is the latest in a string of successes. It is excellent news for the vast majority of taxpayers who play by the rules.’

3 comments so far. Why not have your say?

Ian T Coley

Jan 31, 2014 at 10:05

Good!

I can't be the only who is fed up to the back teeth of cheating, lying, manipulative wealthy people and advisers stealing money from the rest of us who play fair.

Ian Coley

Partner

Medical Investment & Advisory Services LLP

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Mark Angus

Jan 31, 2014 at 14:57

Ian

Couldn't agree more.

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James Green via mobile

Jan 31, 2014 at 18:03

I too am fed up with these artificial schemes that get us genuine tax planners a bad name.

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