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12 December 2012 0 Comments
Posted in Case Studies

Claim against accountants for poor tax advice

Author headshot image Posted by , Partner

Trevor* (the executor) and the beneficiaries of the late Victoria’s estate had received poor tax advice from firm of accountants in relation to the estate.

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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