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‘Working wheels’ marketed scheme fails at tribunal

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The First-tier Tribunal has quashed a disclosed tax avoidance scheme which sought to generate significant losses. NT Advisors (a well-known promoter of tax avoidance schemes) had sold the scheme to 450 fund managers, celebrities (including former BBC 1 Radio One presenter Chris Moyles) and other high earners between 2006 and 2008.

Exchequer secretary David Gauke said: ‘This case is another example of why taxpayers should not fall for the promises of promoters selling schemes that are all too often too good to be true. Not only will the taxpayer waste money on the fees for these failed schemes, they will still have to pay all the tax, interest and penalties that are due. This government has provided HMRC with the resources to tackle these avoidance schemes and HMRC will now pursue the other users of the scheme to make sure all the taxes that are due are paid.’