So far the tax advisors, headed by Matthew Jenner, have seen the courts throw out five different tax avoidance schemes – including one called “working wheels” in which participants claimed to be part time second-hand car dealers. During the tribunal hearing, it was revealed that celebrity DJ Chris Moyles was one of the participants.
Between them, HMRC’s court successes against NT Advisors have now protected over £750m in tax.
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.
The 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.”
The Revenue has previously described NT as “serial avoidance promoters”, including the recent Project Corbiere case. The firm is also involved in controversial charity The Cup Trust, currently subject to a Charity Commission inquiry and an FRC investigation.