Investors Say Tax-Avoidance Plan Promoter Misled On Risks
By Bonnie Eslinger (September 1, 2021, 5:55 PM BST) -- A group of investors has doubled down on claims against Root2 Tax Ltd., saying in a court filing that the tax-avoidance scheme promoter's "unqualified" assertion that their spread-bet winnings wouldn't be taxable was "inaccurate and inappropriate."
Replying to the defense filed by Root2 to the High Court claim, the investors maintain that the company "knew or ought to have known" that there was a high probability that its tax advice was incorrect.
The suitability — "or otherwise" — of the tax scheme depended principally upon Root2's tax advice, the investors said.
"Root2 therefore owed the claimants a duty ... to advise...
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