$27M HMRC biofuel tax charge ongoing for James Hay

February 11, 2018 |

In the United Kingdom, James Hay parent IFG Group released a trading update that says a “potential solution” to the biofuel scheme tax charge remains ongoing. The tax charge is estimated to reach £20 million (over $27 million).

James Hay told Money Marketing that if the issue is still unresolved by March, “the group confirmed James Hay will receive further assessments for one or both of the additional tax years which could be “materially higher” than the initial two years reflecting the volume of business incepted.”

As reported in the Digest in May 2017, pension scheme provider James Hay got in hot water over Jersey-based biofuels company Elysian Fuels after clients invested $70 million in retirement savings between 2011 and 2015, even though they say they didn’t advise clients to make the investment. HMRC has been investigating the failed business whose value had been completely written down by 2015.

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Category: Producer News

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