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It has become common to hear news reports about celebrities and politicians being caught out by the taxman. The likelihood is that you will listen to the story and then forget about it thinking that it does not concern you. Unfortunately you could be wrong.
It has been reported that 1000’s of ordinary investors may get caught up in the new tax avoidance crack down by HM Revenue & Customs (HMRC). Nurses, office workers and vicars are just a few of the many different people affected by the crack down. These people simply wanted to mitigate their tax bills legitimately but unfortunately this may now have gone wrong. HMRC is targeting people who have put money into investment schemes such as Ingenious file partnerships and Liberty which are suspected as tax avoidance schemes. Many ordinary people invested into the schemes and could now face demands for money from HMRC. Payment could be demanded within 90 days of receiving an accelerated payment notice which could leave many people in financial difficultly.
Well it appears you will have difficulty pulling out of the scheme. It looks like you will also need to pay HMRC the tax owed as this would be money that would have been owed had you not entered into the scheme in the first place. However, it is possible that you may be able to pursue the bank or financial advisor that assisted you with entering into the scheme. If successful you could potentially recover not only your original investment but also interest and the costs involved in doing this. Sophisticated investors may struggle more in doing this as it could be harder to show that they were mis-sold the investment.
If you feel you have been mis-sold an investment by the bank or a financial adviser do not hesitate to contact Stephensons for advice on 01616 966 229 or complete our online enquiry form. We have a dedicated team of experienced lawyers to make sure your case is dealt with correctly.
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