A lot of people on the forums are facing unexpected tax liabilities as a result of HMRC's interpretation of their particular scheme.
Those liabilities may not yet be calculated, nor tested in Court as to legitimacy but there are some strong indications that the advice many of you were given as to the effect of your particular arrangements may have been incorrect.
One of your routes for remedy is to take action against the advisers.
In most cases that will probably be an accounting firm or independent financial adviser or similar.
Be aware that there are time limits for bringing such actions. In most cases the time limit is 3 years from becoming aware that the advice was incorrect.
Defining the start date for that period is a bit like knitting fog. I suggest however that given the publicity and using the activity here as guide, it will become increasingly difficult in the future to argue for a start date beyond say April this year.
I have seen a number of ways in which advisers try to wriggle out of liability. Perhaps the easiest method is to ensure that the limitation period for bringing a claim expires. In other sectors they achieve this by offering to run "action groups" or similar or by delaying HMRC enquiries or by just not responding to requests for information.
Responsible advisers and promoters don't do this.
I have no opinion as to the behavior of the various promoters, advisers (original or otherwise), individuals involved in the present situation.
Nonetheless I would strongly advise you all to consider these time limits and if necessary put some form of protective claim in place. Any reasonable legal firm on your local High St can help you further with this for what is probably a reasonable fee.
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