In its latest case, HMRC’s upper tribunal upheld a first-tier HMRC judgment against a scheme which used “complex financial arrangements” linked to overseas securities.
This came after NT Advisors appealed the original ruling, claiming its operations were legitimate.
The government body says it believes that stopping the scheme, which had 305 users, will protect £156m in UK taxpayer money, which would have “otherwise been lost”.
It added that it will now pursue other users of the scheme, operated by controversial pay-day loan entrepreneur Matthew Jenner, to make sure that all due taxes are paid.
Financial secretary to the treasury, David Gauke, said: “Users of NT Advisors schemes, or those considering using [its] schemes, should know by now that HMRC is very successful at defeating them, and give serious though to ending their involvement.”
HMRC has now taken five NT Advisors schemes to tribunal. This includes Working Wheels, a scheme in which participants claim to be second-hand car dealers, famously utilised by English DJ Chris Moyles.
In May, the body’s first-tier tribunal rejected a claim for £200,000 of tax relief from the company for its “Bluebox” scheme, which involved participants making a £500,000 gift to charity which was then used to channel money tax free to a Jersey trust.
HMRC said the scheme was of “virtually no benefit” to charity and 60 participants are now expected to pay the taxes due.
It added three individuals had already paid £24m in tax prior to the hearing.
