British Virgin Islands news: UK court rules against “serial avoidance promoter”

The BVI Beacon reports:

“A United Kingdom court has ruled against a man who allegedly promoted a massive “scheme” wherein UK bondholders transferred earnings to VI-registered companies to avoid paying tax. The UK’s Court of Appeal recently ruled against Matthew Jenner, who operates the UK-based firm NT Advisors. Her Majesty’s Revenue and Customs, which sued Mr. Jenner to stop the strategy, claims that the ruling will save taxpayers more than $163 million, according to the UK publication Professional Adviser.”

The International Adviser website adds:

“HMRC said the “complex” scheme…involved transferring millions of pounds of UK government bonds, known as gilts, backwards and forwards to the British Virgin Islands to manufacture an unwarranted tax deduction of £1.2m. The Court of Appeal said the scheme was specifically designed to avoid tax.”

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