An IT expert left facing a UK tax bill of more than £42,000 after signing up with an Isle of Man company has had his penalty reduced.
Matthew Smith took part in a scheme with Douglas-based Montpelier Tax Consultants which saw his earnings routed through a Manx partnership and trust - but HMRC dubbed the plan a tax avoidance scheme.
He appealed after facing a bill of £42,369 for four years of tax and a tribunal has now issued its decision in the case.
The UK tax tribunal dismissed the appeal against the penalties, but reduced them to £32,541.
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