Tax Avoidance Schemes – Take Care
17th November, 2016Entering into tax avoidance schemes is not for the faint-hearted and, once embarked upon, they can be very difficult to leave. In one case, participants in two such schemes failed to convince the High Court to turn back the clock and free them from the potentially serious financial consequences of their involvement. The participants had entered into the schemes on the advice of a firm of tax and accountancy advisers. HM Revenue and Customs (HMRC) had raised assessments against them for unpaid tax, interest and penalties on the basis that...