Failed scheme and alleged negligence by tax advisers
In M Halsall and others v Champion Consulting and others [2017] EWHC 1079 (19 May 2017) the High Court found that tax advisers had been negligent in recommending a scheme but the claim failed as it was outside the limitation period.
The claimants contended that they had been negligently induced to invest in two tax schemes the ‘charity shell’ scheme and the ‘Scion’ film scheme.
They argued that the charity shell scheme was promoted to them on the basis that they could obtain tax relief through the mechanism of gift aid. The scheme involved the investors subscribing for shares in a shell company with a further subscription in the event that the shell was floated. The shell company then acquired a target company and the shares of the shell company would be listed. The investor would gift all or...
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Failed scheme and alleged negligence by tax advisers
In M Halsall and others v Champion Consulting and others [2017] EWHC 1079 (19 May 2017) the High Court found that tax advisers had been negligent in recommending a scheme but the claim failed as it was outside the limitation period.
The claimants contended that they had been negligently induced to invest in two tax schemes the ‘charity shell’ scheme and the ‘Scion’ film scheme.
They argued that the charity shell scheme was promoted to them on the basis that they could obtain tax relief through the mechanism of gift aid. The scheme involved the investors subscribing for shares in a shell company with a further subscription in the event that the shell was floated. The shell company then acquired a target company and the shares of the shell company would be listed. The investor would gift all or...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
