Liverpool firm faces £14m legal claim
Tower Group, which also lost a Supreme Court ruling last week, faces a £14m legal claim
Tower Group of Liverpool has set up tax-efficient schemes for the likes of footballers Craig Bellamy and Shaun Wright-Phillips as well as former members of pop group Liberty X, This is Money reported. It admitted the legal claim in its most recent accounts.
It is not clear who made the legal claim but the website has reported that it “involves a multitude of causes of action, including misrepresentations, breach of contract and breach of fiduciary duty”.
The company also lost a Supreme Court ruling last week over a scheme called Tower MCashback, which involved overpaying for software rights and claiming the funds against the client’s tax bill. Revenue sources have claimed this ruling was worth £1.5bn to the Treasury, with Tower being one of many firms operating this type of scheme.