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Mis-selling of Tax Avoidance Schemes

Posted on 09 July 2014 by Claire Gill

Today The Times revealed the identity of investors in the “Liberty” scheme, described by the paper as an “aggressive” tax avoidance scheme. Such schemes have come under scrutiny by HMRC. Tax-saving schemes typically encouraged investment in software companies, the arts or film finance and legitimate tax breaks were offered to such investment under government-backed initiatives. However those schemes that have come under scrutiny involved what HMRC has described as an “artificial” means by which to increase losses against which tax relief could be claimed, including share or trade loss relief schemes. In other cases, on top of a capital investment, scheme members may have entered into non-recourse loans up to three times the value of the original investment and are now faced with huge tax bills as they have to pay back tax relief on the value of the loans. For many investors the losses will be several times that of their original investment.

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Relief from sanctions: Mitchell update

Posted on 04 July 2014 by Carter-Ruck

The Court of Appeal has today handed down its judgment in three post-Mitchell relief appeals following an order by the Court of Appeal that the three appeals be heard together.

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