HMRC wins £40m court case against tax avoidance scheme promoter

Following the court battle, Hyrax must now disclose the details of its tax avoidance scheme to HMRC, along with the names and addresses of the 1,180 high earners who used it. If the scheme fails to comply, it could face a penalty of almost £6m. HMRC said the scheme was a successor to the K2 arrangements, the tax scandal, in which comedian Jimmy Carr was infamously caught up. Financial secretary to the Treasury Mel Stride said: "HMRC is cracking down on the unscrupulous promoters who sell these highly contrived tax avoidance loan schemes. "Promoters need to take note of this decisio...