FORMER VANTIS tax advisor Roy Faichney has been jailed for four years over his role in a charity tax fraud.
Faichney, who was managing director of Vantis Tax, worked with his deputy David Perrin to share £4.5m in profit from a fraudulent tax scheme that 'gifted' charities worthless shares while the tax advisors claimed tens of millions of pounds in tax relief on clients' behalf.
The relief, of £70m, was claimed against £213m of income and company profits based on the shares being priced at £1 each – but they were only worth the pennies they had originally been bought for.
Perrin had been jailed for 18 months for his role in the fraud earlier this year.
The scheme became infamous for the celebratory song sung at Vantis' annual conference to the tune of 'I Will Survive'.
Judge Blacksell QC, at Blackfriars Crown Court, said: "If you ever had a moral compass, you lost it or buried it under the property purchases, furnishings, holidays and cruises.
"The general public are sick and tired of men such as you and schemes such as this. This is high-net-worth fiddling. The general public should applaud the dedication and commitment shown by HMRC in pursuing all aspects of this case. They have been well served."
A confiscation order against Faichney has been put in place, and he has been disqualified from taking a directorship for ten years.
It can now be reported that Perrin's case was referred to the solicitor-general for review, and found to be unduly lenient. His term was increased to seven years, but due to his health the 18-month sentence was not altered.
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