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Manx company falls foul of UK taxman

The UK taxman has ordered a Manx company to stop offering a tax avoidance scheme.

HMRC says it's issued the notice to Adapt Limited, which has its registered office in Lord Street in Douglas, and company director David Michael Yeomans.

The taxman says the scheme uses complex financial arrangements to reduce tax liability by routing money through companies and claiming payments are loans rather than wages.

The stop notice means the company has to stop selling or promoting the scheme.

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