FSA: Keydata tax bill doubles to £12m

At the time the FSA applied to put Keydata into administration in early June 2009 the company's tax liability was thought to be £5m. But since then Keydata’s administrator, PwC, has received a claim from HMRC for approximately £12m, the FSA says. Keydata has no means to pay HMRC what is owed, the regulator adds. During the course of a wider investigation into Keydata, the FSA discovered a number of tax "irregularities" with some of the company's products; namely they were not eligible for ISA investment. In December 2005, Keydata's Secure Income bond was issued as eligible for an I...