The breaches concerned Equitable Unit Trust Managers Limited's failureto properly value the tax liabilities of two unit trusts between June 1988 and June 1998.
The tax liabilities arose from EUTM making certain investments on behalf of the International Growth Trust and the Far Eastern Trust in offshore funds. In valuing the trusts, EUTM did not deduct an estimated amount for these tax liabilities because its accounting and tax functions were unaware that the Trusts held offshore funds potentially giving rise to tax liabilities.
IMRO said EUTM did not have adequate procedures to identify the tax consequences surrounding the acquisition of offshore funds and ensure that any such tax consequences were accounted for within the pricing of the Trusts. No written procedures were in place for identifying the tax treatment of such new investments.
EUTM has since changed its procedures and has itself paid approximately £985,000 to the Inland Revenue in respect of tax, interest and penalties.
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