HMRC shuts £190m tax avoidance scheme

HM Revenue & Customs has shut down a tax avoidance scheme operated by NT Advisors which has protected about £190m in tax revenue.

HMRC said the avoidance scheme revolved around the same of more than £6m of shares for just £592 - which would have left the UK taxpayer to pick up the bill. HMRC challenged the scheme and won a clear victory against the promoter, Matthew Jenner of NT Advisors, who pushed the plan to more than 400 wealthy people in 2006. The revenue said NT Advisors' idea was to generate a massive loss on the sale of the shares, but a loss that would not have exposed the "investors" to any genuine risk or economic down side. The "loss" existed only on paper and was designed to avoid tax, it said. R...