HMRC court victory protects £156m in tax

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". ...