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Wealth agency fined £150k for failing to provide information to HMRC

An Isle of Man-based wealth administration and tax recommendation agency, AML Tax (UK) Restricted, has been fined £150,000 for failing to offer HMRC with legally required data.

HMRC says the corporate – directed by Arthur Lancaster and a part of Doug Barrowman’s Isle of Man based mostly Knox Group – “aggressively” promoted tax avoidance schemes within the UK for a number of years.

AML Tax (UK) Restricted was fined £150,000 after HMRC introduced an Higher Tribunal case over the agency’s failure to adjust to formal data notices as a part of a tax investigation.

The corporate should now hand over the required information to allow HMRC to calculate the tax owed, at the moment estimated to be greater than £3m.

HMRC counter avoidance director Mary Aiston mentioned: “We’re dedicated to making sure everybody pays the tax they legally owe. We won’t permit firms to easily ignore their authorized obligation.

“AML Tax used a sequence of techniques to attempt to frustrate HMRC’s efforts to work out the tax that was legally due, in a sustained marketing campaign of non-compliance.

“I’m delighted their obstructive conduct has been penalised. HMRC is set to drive promoters of tax avoidance out of enterprise.”

The Tribunal criticised the corporate for its conduct and highlighted the position of firm director Arthur Lancaster, a Chartered Accountant and Chartered Tax Adviser, describing him as “evasive” and displaying “a scarcity of candour”.

Within the ruling, the tribunal mentioned: “Total, we have been left with the impression that Mr Lancaster was evasive, offering as little proof as potential and that he didn’t want to volunteer something greater than he thought of crucial. 

“Consequently, it appears to us that the proof Mr Lancaster gave in his witness statements and orally was confused, missing in candour, in some respects incorrect and affected by inconsistencies.”

The £150,000 advantageous is along with penalties already issued by HMRC totalling round £9,000. 

HMRC says it should now rigorously study AML’s monetary information to evaluate their Company Tax invoice for 2014 and 2015.

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