Latest tax and investment news
Court ruling means HMRC can pursue £100m in offshore tax
The High Court has ruled that HM Revenue & Customs (HMRC) can seen £100 million in income tax from the 2,500 alleged users of an offshore tax avoidance scheme.
Yesterday, an application for a judicial review in the case of a £100,000 backdated tax bill from HMRC was dismissed by the High Court, which ruled that the retrospective demand did not breach human rights law.
IT contractor Robert Huitson began using the scheme established by Isle of Man-based Montpelier Tax Consultants, which allowed him to receive an annual fee of £15,000 as the owner of a life interest in an offshore trust.
It is believed that some 2,500 taxpayers could have been making use of a similar scheme and may face a combined tax bill of around £100 million.
The news follows reports that Switzerland is looking to renegotiate its tax pact with the US, after a court decision blocked Swiss authorities from handing over the details of US clients.
Posted by Brian de Selby
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