Banker loses £1.6m Bermuda tax avoidance case

A taxpayer has been ordered to pay a reduced penalty after losing a First Tier Tribunal appeal related to the use of a tax avoidance scheme

The appellant, Kenan Altunis, had appealed against a penalty issued by HMRC for a total of £1,657,268 related to his co-operation with a loss-creation scheme run through a Bermuda based company.

In March 2008, Altunis entered into a tax scheme called Aphabeta designed and marketed by the Montpelier group of companies.

The Montpelier group of companies was headquartered in the Isle of Man. One of its subsidiaries was Montpelier Tax Planning Ltd, previously known as MTM Ltd.

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