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New HMRC spotlight on contractor loan schemes

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HMRC has published a further ‘spotlight’ on contractor loan schemes, concerning an Advertising Standards Authority (ASA) ruling that claims made about contractor loan schemes by their promoter, Williams Gordon, were misleading.

The Spotlight describes how contractor loan schemes work and the advertising claims that were made. HMRC also states that the ASA ruling sets an example so that other avoidance promoters cannot make the same claims about similar schemes.