Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

HMRC targets 200 investors in Isle of Man tax scheme

HMRC targets 200 investors in Isle of Man tax scheme

HM Revenue & Customs (HMRC) has warned investors in an Isle of Man tax scheme they are being investigated, according to the Financial Times.

It said HMRC had sent letters to a number of clients of Montpelier Tax Consultants, which runs the scheme.

The scheme involves contracts for difference and attracted around 200 investors in 2004/5. In a previous court case related to Montpelier, HMRC said the scheme was one of four provided by the firm that was under investigation.

HMRC told the FT it could not comment on individual cases but confirmed its criminal investigations team had written to ‘a number of subscribers involved in a tax avoidance scheme’.

Mark Spragg of Keystone Law, the law firm acting for Monteplier, told the paper: ‘The Revenue has acted quite outrageously. It has failed to engage with us over the alleged illegality of the scheme and is now accusing the subscribers of illegality which is quite absurd.’

‘Montpelier believes the scheme technically works. It was conducted in accordance with the rules and had the blessing of several barristers.’

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Play On the Road Challenge: horsing around on the polo pitch

On the Road Challenge: horsing around on the polo pitch

Libby Ashby takes to the polo pitch with Stuart Leigh-Davies from Redmayne-Bentley for an 'On the Road' challenge.

Brewin's Gutteridge: where Miton's Godber sees value

Brewin's Gutteridge: where Miton's Godber sees value

This week Brewin Dolphin's research head talks to George Godber, co-lead fund manager of the Miton UK Value Opportunities fund, about value investing.

Your Business: Cover Star Club

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Rathbones’ Glasgow office has only been open for three months but the team, led by Angus Kerr, has already attracted new clients

Wealth Manager on Twitter