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KEY POINTS
- Assistance with an HMRC investigation.
- Who provides the protection?
- Hallmarks of a contract of insurance.
- Payment for scheme.
The tax avoidance industry in the UK has focused on its battles with HMRC and appears to have overlooked a danger that in offering assistance with investigations some of the schemes might be considered by the Financial Services Authority (FSA) to be providing insurance.
In the UK it is a criminal offence to provide insurance without having the necessary permission or exemption and the FSA has a track record of taking steps to stop illegal insurance underwriting. In addition contracts of insurance provided without having the necessary permission or exemption are unenforceable and the provider might be required to return the premium payments received.
...Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
