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Tax fraud prosecution fails

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Honest intentions…

KEY POINTS

  • The defendant bought a contract for difference (CFD).
  • HMRC contended that the main purpose or one of the main purposes of the contract was to secure a tax advantage contrary to TCGA 1992 s 16A.
  • HMRC declined to argue that the arrangements were a sham.
  • The prosecution conceded that those who devised the CFDs were not dishonest.
  • A properly directed jury would struggle with the idea that the defendant had become dishonest when seeking to justify the contract.
  • The Crown Prosecution Service confirmed that it would not be seeking to resurrect the prosecution.

On 8 June 2017 an HMRC test case was brought to an ignominious end when Tomlinson J dismissed an indictment against the defendant C in R v C...

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