HMRC has given the 30,000 Keydata Investment Services investors holding non-compliant Isas hope that they will not have to repay tax relief they expected on their investment or close their plans.
According to The Telegraph, HMRC said that it was working with PricewaterhouseCoppers, the administrators, with a view to protecting the tax position of Isa investors as far as possible. A spokesman said that it was HMRC's normal practice is to seek to recover any tax arising from any breach of the Isa rules from the Isa manager rather than from individual investors. Full story...
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