In a writ lodged with the High Court, His Honour Judge John Rhys Arthur says
he was promised an income of 6% on his assets of £1.4m in 1999 and assured that
a tax avoidance scheme called a capital redemption contract was a safe
investment which would not risk his assets.
According to the suit, the Inland Revenue rejected the CRC as being an
artificial scheme in 2004, designed solely to avoid tax, and the judge says he
lost thousands of pounds as a result.
He had wanted to preserve his family’s wealth, which had been built up over
three generations, and his son Jonathan told accountants that his father had a
responsibility to those who had ‘gone before’ as well as ‘those who will come
after’, he said.
Judge Arthur, of Orovales, Wirral, is seeking damages for breach of contract,
breach of duty, and negligence, from HLB Kidsons and Baker Tilly, among others.
Baker Tilly said the matter was an issue for Kidsons. A spokesman for the
former firm of Kidsons declined to comment.
Carter Backer Winter has acquired Edwards Financial Services, expanding its financial planning department
New growth opportunities in Aberdeen, North East Scotland, are being invested in by Grant Thornton
Colin responds to the call for 'Darwinism' in accountancy
A new partner, Dermot Callinan, has joined Saffery Champness from KPMG where he was recently the head of the UK private client advisory team