“HMRC triumphs over tax avoidance scheme expected to net £325m”

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Source: accountancy age.com 23 October 2017

“HMRC has emerged victorious over a multi-million pound tax avoidance scheme used by the wealthy.

The taxman will be paid £18m of tax-payers money, but HMRC expects the ruling to have wider implications for hundreds of users of other Liberty schemes, predicted to protect £325m in unpaid tax.

The Upper Tribunal ruled in support of the First-tier Tribunal’s decision that the scheme, known as Clavis Liberty Fund 1 Limited Partnership, was “artificial and uncommercial”.”

Source article here

 

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