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Directors Blame HMRC Rule Change In £3.9M Liquidation Suit
Law360, London (March 11, 2021, 7:13 PM GMT) -- The directors of a liquidated financial services company have argued they shouldn't be on the hook for following the government's advice on steering clear of tax avoidance schemes, fighting a litigation funder's lawsuit seeking to claw back £3.9 million ($5.4 million) from the executives.
The three former directors and shareholders of Flemmings Financial Services Ltd. said in a recently public defense filed with the High Court on Feb. 24 that they spoke with tax advisers before putting millions into what the U.K.'s tax authority has since called "disguised remuneration" schemes.