Bill Dodwell addresses the need to raise general understanding of the tax system in the UK
One of the most common comments by those who have been involved in an unsuccessful tax scheme is that they didn’t understand it, or thought it set out to do something different. For example, some investors in unsuccessful film schemes have said they thought they were supporting new films being made. Perhaps this was true in some cases, but in all cases the intended tax benefits were more significant than the film investment. Mr Hoey, who participated in a loan scheme within the ambit of the loan charge, was found by Judge Philip Gillett not to understand the arrangements he had signed up to.