Avoidance scheme lands Abbeyland with liability

A property development company has failed in its attempt to avoid paying tax on a property sale by creating a “loss” of £1.6 million. It used a scheme that involved buying and surrendering investment bonds issued by a life assurance company. HMRC has already recovered tax, interest and penalties of £250 million from cases closely resembling the scheme used by Abbeyland Ltd. The First-tier...

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