In recent days, we have been reporting extensively on how 231 high earners sought to dramatically curb their tax bills by creating “contrived” losses through a web of transactions in the British Virgin Islands. The scheme has now unravelled, having been shot down by both the Tax Appeals Commission and the High Court. There are several striking elements to the case and the scheme. The first is the participants. It is easy to assume that tax schemes are the preserve of the uber-wealthy, the titans of business and finance that appear annually on the various rich lists. But this is…
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