.png)
.png)
ROBERT VINEY warns that protection offered in relation to tax avoidance schemes may constitute illegal insurance
KEY POINTS
- Assistance with an HMRC investigation.
- Who provides the protection?
- Hallmarks of a contract of insurance.
- Payment for scheme.
The tax avoidance industry in the UK has focused on its battles with HMRC and appears to have overlooked a danger that in offering assistance with investigations some of the schemes might be considered by the Financial Services Authority (FSA) to be providing insurance.
In the UK it is a criminal offence to provide insurance without having the necessary permission or exemption and the FSA has a track record of taking steps to stop illegal insurance underwriting. In addition contracts of insurance provided without having the necessary permission or exemption are unenforceable and the provider might be required to return the premium payments received.
...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
