Property Developer Sues Advisers Over Bad Tax Advice
Law360, London (November 5, 2019, 6:30 PM GMT) -- A British home builder has claimed that an accountancy firm and a company that provided tax-avoidance advice negligently breached their duties by encouraging the property developer to put £2 million ($2.6 million) into a tax scheme that the U.K. tax authority later disallowed.
In its High Court suit, Central Developments (UK) Ltd. acknowledges that it spoke to Leon Charles Ltd. about ways to reduce or eliminate anticipated corporate tax liability for 2012, and insists the accountancy firm knew, or ought to have known, that it had no interest in participating in any plan unless it “carried no risk of failure, was...
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