Adviser must remove HMRC’s logo from its promotional material

Wealth adviser Knight Wolffe has been admonished by the Advertising Standards Authority (ASA) for misleading information and using HMRC’s logo in connection with an income trust scheme.

The advertising regulator ruled in favour of the Revenue after it complained about content on the financial firm’s website. The ASA stated that website ‘misleads by omission’ by failing to mention the government tools and policies on the arrangement. These include the general anti-abuse rule and the charge on disguised remuneration outstanding on 5 April 2019.

The ruling – which is on the ASA website – sets a precedent so other promoters must not make the same claims about similar schemes.

Knight Wolffe’s website claimed the arrangement had been ‘known and accepted by HMRC since 1994’ was ‘approved by the House of Lords in 2005’ involved no tax avoidance and remained effective in several ways. These claims appeared alongside HMRC’s...