HM Revenue & Customs (HMRC) has successfully challenged a tax avoidance scheme in court and thereby ensured an additional £156m will be collected for the UK coffers.
The scheme, devised by NT Advisers and sold by Dominion Fiduciary Services Group, had 305 users and was set up to allow wealthy people to pay little or no tax on their income.
HMRC specialist investigators unravelled the scheme's series of complicated financial transactions which involved loan notes worth £6m intended to exploit the tax rules on stock lending.
However, the tribunal found that "the arrangements involved little more than signing pieces of paper and making entries in accounts. It moved money in a circle and achieved nothing for the purposes of the relevant tax law".
The tribunal also said that if the scheme had been successful, its effect would have been to make the payment of income tax voluntary.
The exchequer secretary to the treasury, David Gauke, said: "The government is committed to tackling tax avoidance schemes like this one which are artificial and work against the rules set by parliament.
"These schemes are an affront to the vast majority of businesses and people who pay what they owe. We will pursue the minority who do not play by the rules.
"The government has made a significant investment into HMRC to track down and challenge tax dodgers and they will continue to make progress by closing down schemes set up for the sole purpose of avoiding paying tax."
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