FCA’s incoming chair grilled over tax avoidance scheme

Written by Adam Cadle

The FCA’s incoming chair Charles Randell has been quizzed over his involvement in a tax avoidance scheme, telling MPs it is an “error of judgement”.

Yesterday, Treasury Select Committee chair Nicky Morgan asked Randell about how he came to be involved in Ingenious Film Partners 2.

“I regarded the fact I hadn’t made sufficient investigation into assurances I was given to be an error of judgement,” he said.

He then stated: “I take responsibility for the decision I took.”

Total taxes repaid by Randell amounted to £114,000 plus interest and in a letter to the permanent secretary to the Treasury Tom Scholar, Randell said he had invested in the scheme “promoted by my financial adviser in 2006”.

“Despite assurances from my adviser and the managers of the partnership that HM Revenue & Customs were content with the partnership arrangements, HMRC subsequently opened an inquiry into the partnership tax affairs.”

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