Tax avoidance promoter fined £1m over Jersey trust scheme  

clock • 2 min read
Tax avoidance promoter fined £1m over Jersey trust scheme  

A tax avoidance scheme promoter has been hit with a £1m fine after a legal challenge by HM Revenue and Customs (HMRC).  Hyrax Resourcing Ltd was handed the almost-maximum allowed fine by the First Tier Tribunal for failing to disclose an avoidance scheme to HMRC as legally required, the tax office said in a statement today (27 July).  Hyrax promoted a disguised remuneration scheme that involved routing money to an offshore trust in Jersey. The scheme was the successor to the K2 avoidanc...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now

 

Already a International Investment member?

Login