HMRC Wins Maximum Fine For Tax Avoidance Promoter

By Silvia Martelli (July 27, 2022, 7:00 PM BST) -- The U.K.'s tax authority said Wednesday that it has won a £1 million ($1.2 million) fine against a company that promoted and failed to disclose a scheme to help high-earners avoid taxes by disguising income as loans, the maximum the tribunal could have awarded in the case. 

The First-Tier Tribunal sided with HM Revenue and Customs in a decision dated July 13 and fined Hyrax Resourcing Ltd. the maximum £600 a day for failing to disclose details about the scheme for 1,791 days, resulting in a total fine of over £1 million.

The court said that it agreed with HMRC that the penalty should...

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