20 January 2023 , 23:18
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Three tax avoidance schemes linked to the husband of Tory peer Baroness Mone have been named by HM Revenue and Customs.
They relate to AML Tax (UK) Ltd, previously described by HMRC as part of businessman Doug Barrowman’s Isle of Man-based Knox Group.
HMRC said the schemes “seek to disguise remuneration”.
It added they use complex company structures and directors’ loan accounts to extract profit.
The schemes named are Annuity Arrangements, AML Prefunded EBT and AML Split Contract. AML Tax (UK) is run by Arthur Lancaster.
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Baroness Mone, 51, and her husband, 57, are also linked to PPE Medpro, which is being probed by the National Crime Agency.
Michelle Mone and her husband Doug Barrowman (Michelle Mone/Instagram)
The couple are also linked to PPE (POOL/AFP via Getty Images)It won more than £200million of Covid contracts.
The pair deny wrongdoing.
Mr Lancaster said last night: “AML Tax (UK) Ltd ceased trading in 2016/17 after HMRC announced the retrospective 2019 loan charge.
"This was designed by HMRC to retrospectively tax arrangements which had, until then, been in accordance with the legislation.”