December 12, 2012

Claim against accountants for poor tax advice

We aimed to recover money from this firm as this poor advice meant that and the beneficiaries would potentially suffer a heavy tax liability in the future. To make the case more complicated it wasn’t possible to assess the extent of the future loss.

We found that the accountants had entered into a scheme after Victoria’s husband’s death to avoid inheritance tax. However, despite their best intentions, the accountants failed in their attempt to avoid inheritance tax. In fact, as a result of these actions, the beneficiaries had to pay capital gains tax which should not have been due.

We settled the dispute on the basis that the beneficiaries would receive a lump sum to compensate them for their potential future loss. This meant that all parties could draw a line under the episode and move on with their lives.

*For confidentiality, we have protected the names of our clients.

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