Professional Advice Bureau Limited (07013266): administration
- Status
- Administration ended
- Administration began
- 2013-12-03
- Administrators' firm
- Evelyn Partners
- Incorporated
- 2009-09-09
- Location
- London
- Industry
- 96090 Other service activities n.e.c.
Why it went into administration
- HMRC / tax arrears
- Cash flow / liquidity pressure
From the administrators' statement
Introduction of Sub-Sale Rules against SDLT Schemes
In recent years HMRC has been very actively challenging SDLT planning and the Government has made tt one of its key policies to introduce legislation in order to recover tax it considers to be owed by taxpayers
In 2012, this objective gathered pace with the Chancellor announcing in the Budget that he was amending the law relating to “sub-sales” which affected most or all of the Operating Companies planning and he indicated that he would not hesitate to introduce retrospective legislation on SDLT Schemes We have been informed by the directors of the Operating Companies that, having taken legal advice, they considered such retrospective legislation to be highly unlikely In addition, SDLT Schemes were brought more fully within the existing rules that required PAB to disclose tax planning products sold to cllents These made tt more likely that parties who implemented SDLT Schemes would be identified and the SDLT relating to transactions with which they were involved would be deemed to be payable Also, a number of First Tier tax tribunals found in favour of HMRC on SDLT tax planning (albeit none of these related to PAB clients)
Administrators' statement of proposals (2014-01-29) · Companies House register