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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!