Patrick Cannon is advising clients who were sold aggressive tax avoidance schemes such as Employer Financed Retirement Benefit schemes or EFRBs by their advisers without being given a proper risk warning that such schemes might be attacked by HMRC in the years to come and receive judicial and press scrutiny. Patrick is helping clients to settle their tax schemes with HMRC and acting for them on claims for damages for negligent tax advice or worse against the advisers and introducers involved.
It is said by many such advisers that compensation is not available because the client would otherwise have paid the tax and has therefore suffered no loss. But this is not true and there were often legitimate ways of reducing or eliminating the client’s tax bill in the years in question without resorting to schemes.
Clients were not advised to take these legitimate tax saving routes because the introducers wanted to earn commission from putting their clients into artificial schemes that certainly since late 2010 were contrary to the intention of Parliament and were never likely to succeed.
In some cases, victims of schemes such as Eclipse are facing huge tax bills as a result of the failed tax relief which for many investors may mean losses up to several times that of their original investment. Taxpayers face the loss of their business and/or their homes. Many are desperate and are on medication.
Patrick is authorised by the Bar Standards Board to do Public Access Work and litigation which means that he can work directly with clients and deal directly with HMRC on their behalf. Patrick works on the basis of fixed fees agreed up-front via his Clerk and he does not use open ended hourly rates.
Do you think that you may have been mis-sold an aggressive tax avoidance scheme? If so, please contact Patrick Cannon here for an initial discussion about the options open to you.