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Directors Blame HMRC Rule Change In £3.9M Liquidation Suit
Law360, London (March 11, 2021, 7:13 PM GMT) The directors of a liquidated financial services company have argued they shouldn t be on the hook for following the government s advice on steering clear of tax avoidance schemes, fighting a litigation funder s lawsuit seeking to claw back £3.9 million ($5.4 million) from the executives.
The three former directors and shareholders of Flemmings Financial Services Ltd. said in a recently public defense filed with the High Court on Feb. 24 that they spoke with tax advisers before putting millions into what the U.K. s tax authority has since called disguised remuneration schemes.