Montpelier Tax Consultants Raided

Montpelier Tax Consultants, the Isle of Man based tax consultancy embroiled in the recent BN66 court case has been raided by police officers on the Isle of Man at the request of HMRC (See the full report here). It’s not clear if the raid has anythying to do with the above mentioned case although the figures involved would seem to suggest that it may relate to some other scheme being run by the company?

One thing for sure is that it will bring into question the viability of running payroll schemes from the island. It’s no secret (at least it shouldn’t be) that a great many of the CSPs based on the Isle of Man run contractor payroll schemes of one sort or another. If you add to this the sheer number of tax consultancy firms specialising in this area it amounts to a significant amount of employment and VAT take for the island. It’s one thing for the UK government to null various schemes through legislation, Police raids in another jurisdiction on the other hand are quite something else. I guess the question among the various providers right now is “who is next?”

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