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Keydata tax liability grows to £12m
by Iain Martin on Jul 30, 2010 at 12:59
HM Revenue and Customs (HMRC) has made a £12 million tax claim against Keydata Investment Services, according to the Financial Services Authority (FSA).
Keydata's tax liabilities relate to its promotion of products as ISA-eligible when they were not.
The FSA pushed Keydata into administration in July 2009 over the liability, then estimated to stand at around £5 million.
The regulator said that Keydata would have been unable to pay this claim. But former managing director of Keydata Stewart Ford has argued that a settlement could have been reached with HMRC.
The FSA confirmed that it had been investigating Keydata since December 2007 but was unaware of liquidity problems at Lifemark or that £103 million had been misappropriated from SLS Capital before Keydata went into administration. It added its investigation into Ford was complex but was now at an advanced stage.
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1 comment so far. Why not have your say?
Anonymous 1 needed this 'off the record'
Jul 30, 2010 at 21:15
And where is the £12 million coming from? Stewart Ford's trust or, more likely, any scraps left over for the Keydata investors to share.
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