Tax advisers' offices raided by HMRC over gilt strip schemes
Tax advisers 'raided' by HMRC and then flag up the event on the firm's website
Tax advisers 'raided' by HMRC and then flag up the event on the firm's website
A firm of tax advisers has been raided by HM Revenue & Customs officials
investigating a scheme involving the use of gilt strip bonds.
Mercury
Tax Group, based in Leeds and London, was targeted by officials who
also visited a number of the firm’s clients.
In an unusual step Mercury flagged up the raid on its own website to
highlight what it described as ‘sledgehammer tactics’ by HMRC in addition to
claims that it had co-operated fully in the investigation.
‘Having been left with the feeling that the HMRC have used sledgehammer
tactics, we are taking advice on our response, including compensation if
appropriate,’ said a statement by the firm on its website. ‘At present we
continue to co-operate fully with HMRC.’
Partners at the firm were questioned by HMRC on 13 November after both the
firm’s offices were visited.
Gilt strip tax schemes involved the purchase and sale of gilts where an
expense was claimed on the purchase and relief on its gains.
The schemes were stamped out by the government in 2004, and were classed as
being the straw that broke the camel’s back in terms of it leading to
the introduction of the tax avoidance disclosure regime.
Further reading:
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceHMRC sees the profit or loss made on buying and selling of exchange tokens as within the charge to Capital Gains Tax (CGT). Read More...
View articleThe recent IR35 case involving former Liverpool footballer and Sky Sports presenter, Phil Thompson, has drawn attention to the complexities and implic...
View articleFrom January 1, 2024, HMRC will implement new tax rules affecting individuals who sell items on platforms like Etsy, Depop, and Vinted. The new regula...
View articleHMRC reveal a small majority of people are soldiering a significant proportion of income and capital gains tax, following FOI request. Data has reigni...
View articleSteven Pinhey, technical officer at the Association of Taxation Technicians (ATT), considers how the rules on deductible expenses work in a social med...
View articleATT technical officer, David Wright, considers the implications of HMRC’s decision to remove employees with income between £100,000 and £150,000 from ...
View articleThis was the fourth largest borrowing year since records began in 1993 Read More...
View articleATT technical officer, David Wright, provides an overview of the welcome relaxation to CGT provisions for separating couples looking to transfer asset...
View article