"The so-called V11 case saw a group of former Premier League players lose fortunes after investing in tax-avoidance schemes dressed up as film funds and US property ventures. Many of the ventures collapsed, leaving players saddled with significant tax liabilities. Some were pushed into bankruptcy, while others faced lengthy legal battles with HMRC. "These were persuasive, high-risk investments presented by advisors without the appropriate expertise," Martin said. "The players relied on assurances without fully understanding the risks.""
"By contrast, the Angela Rayner case involved a much narrower issue - Stamp Duty Land Tax (SDLT). Following legal review, she was found liable for the higher, second-home rate of SDLT on her Hove property, resulting in an underpayment of around £40,000. The fallout from the case ultimately led to her resignation from government last week. "This was a case of insufficient or inappropriate guidance on a specific area of tax law"
Inadequate or inappropriate tax advice can produce severe financial, legal and reputational consequences. Former Premier League players invested in tax-avoidance schemes marketed as film funds and US property ventures; many schemes collapsed, leaving significant tax liabilities, bankruptcies and prolonged legal battles with HMRC. A separate Stamp Duty Land Tax case resulted in an underpayment of around £40,000 and led to a resignation from government. A senior tax manager warns that trusted, reliable professional guidance is essential to ensure compliance, protect assets and support informed, ethical financial decisions.
Read at Business Matters
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