HM REVENUE & CUSTOMS has secured its eighth victory in a row against tax avoidance schemes run by NT Advisers.
Between them, HMRC’s court successes against NT Advisors have now protected over £750m in tax, defeating five of the promoter’s schemes. Among them is the Working Wheels scheme, where participants claimed to be second-hand car dealers.
In this latest case, the upper tribunal dismissed NT Advisors’ latest appeal that a scheme which used complex financial arrangements involving alleged overseas securities worked. The ruling upholds an earlier first-tier tribunal judgment in HMRC’s favour.
In total there were 305 users of the scheme and this ruling alone is expected to protect £156m in tax that would otherwise have been lost. HMRC will now pursue the other users of the scheme to make sure all the taxes that are due are paid.
Financial secretary to the Treasury, David Gauke, said: “While the vast majority of people pay the taxes they owe, this victory shows HMRC’s determination and effectiveness in clamping down on those who seek to avoid their responsibilities.
“Users of NT Advisors schemes, or those considering using their schemes, should know by now that HMRC is very successful at defeating them, and give serious thought to ending their involvement.”
HMRC has outlined a change in VAT policy to the treatment of dwellings that have been formed from either the construction of new buildings, or from the conversion of non-residential buildings
Let us hope that valuable asset protection vehicles are not made prohibitively burdensome or abolished in the desire to “simplify” IHT
Freelancers and micro-businesses still need more information about the government’s plans to make tax digital
The government is pressing ahead with changes to the way it taxes individuals with a foreign domicile