Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a735706

DJ Moyles & fund managers claimed to be car dealers to avoid tax

by Michelle Abrego on Feb 24, 2014 at 09:11

DJ Moyles & fund managers claimed to be car dealers to avoid tax

HM Revenue & Customs (HMRC) has won a legal battle against a £290 million tax avoidance scheme sold to 450 individuals, including former Radio One DJ Chris Moyles and fund managers.

The First Tier Tribunal found against the tax avoidance scheme which involved celebrities, fund managers and other high earners claiming that they were second-hand car dealers in their spare time. Along with Moyles, Eoghan Flanagan and Alan Stennett were among the three indivduals named.

The scheme allowed its members to say they incurred large fees working in the car trade, which could then be set against their tax bill.

Moyles (pictured) took to Twitter to admit he had been naïve in joining the scheme.

He wrote: ‘Upon advice, I signed up to a scheme which I was assured was legal. Despite this, my knowledge of the dealings of the scheme were naïve.

‘I'm not a tax expert and acted on advice I was given. This was a mistake and I accept the ruling without reservation.

This is HMRC's fourth consecutive win against the scheme’s promoters NT Advisors.

NT Advisors sold the ‘Working Wheels’ scheme to 450 individuals between 2006 and 2008.

The tribunal said that a realistic view of the facts showed that the appellants’ aim was to make it appear that they had incurred vast fees in order to borrow modest amounts of money they did not need in order to invest it in a trade they had no desire to pursue.

The tribunal heard that Moyles had wanted to achieve £1 million in tax losses.

Sign in / register to view full article on one page

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home


As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Sponsored Video: Barings on investing in Frontier Markets


From Nigeria to Pakistan and from Kenya to Kuwait, frontier markets are catching investors' attention as never before.

On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet