HMRC to grill Montpelier clients under caution
Confirming criminal investigations into both the firm and its newly targeted clients, a legal representative reportedly estimated 200 interviews under caution would be held this month.
Questioning will relate to a 2004 “contracts for difference” tax scheme – just one of the four planning arrangements from the Isle of Man firm which Revenue & Customs is challenging.
But speaking to the Financial Times, Mark Spragg of Keystone Law – representing Montpelier – said HMRC had “failed to engage” since alleging the scheme to be unlawful.
And although the formal questioning will be directed at the users, thought to be financial services professionals, he said Montpelier believes that, “technically,” the scheme ran in accordance with HMRC rules.