HM Revenue & Customs (HMRC) has won a court battle against a £156 million tax avoidance scheme.
A tribunal has ruled against the scheme, constructed by NT Advisors and sold by Dominion Fiduciary Services Group, which had 305 users.
HMRC said the scheme was intended to exploit the tax rules on stock lending to enable users to pay little or no tax on their income.
Exchequer secretary to the Treasury David Gauke said: ‘The government is committed to tackling tax avoidance schemes like this one which are artificial and work against the rules set by parliament. These schemes are an affront to the vast majority of businesses and people who pay what they owe. We will pursue the minority who do not play by the rules.