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Tax lawyers have a lot to thank comedian Jimmy Carr for. After all, he suddenly made their presence at dinner parties worthwhile.
However, tax avoidance - or ‘tax relief’ - schemes are no laughing matter for HMRC, which has had success challenging their legitimacy in the courts. Which can only mean one thing: trouble for the financial advisers who recommended these schemes to their millionaire clients.
On the flip side, it’s the latest area for litigators to get their teeth into.
Rebus Investment Solutions, which specialises in action for investors upset at losing their cash in schemes like the Eclipse Film Partners 35, has created a general counsel role so that it can handle such claims in-house. It is even considering an ABS move to match demand.
So that’s wealthy investors now suing to recover the money they were trying to keep from the taxman.
If you didn’t laugh, you’d cry.
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