A couple who say they were accused of tax fraud after relying on advice from
suing the firm for more than £2m.
John and Marion Coll claim PwC was negligent and cost them £1.5m in tax
penalties and interest as a result of incorrect tax returns.
The dispute centres around advice they received after selling their shares in
Agency to Nestor Healthcare in 1997 for £2.5m in loan notes. The couple
moved to Belgium, where they lived for two years while the loan notes were
redeemed, to save capital gains tax, on advice from PwC, according to a High
PwC then drafted self-assessment tax returns and gave tax advice which was
fundamentally mistaken, on the basis that their application for capital gains
tax clearance was accepted by HMRC when it had been refused, the writ also says.
PwC said in a statement: “Whilst it is not appropriate to comment on client
matters we are aware of the proceedings and they are currently stayed.”
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states