Could tax schemes be the next mis-selling scam

Following on from the influx in claims for mis-sold PPI and more recently for packaged accounts, the next on the list could be for mis-sold tax schemes.

Although tax savings can often be significant from taking part in a tax scheme, other factors are often not prioritised, such as the client’s attitude to risk or their long-term plans. In addition many advisors do not consider the longevity of the tax scheme. All of which are grounds for mis-selling. Figures project that claims under tax schemes will be significantly higher than those of PPI, which currently stands over £13 billion in compensation, with a high success rate.