Description
A successful Iranian businessman sought damages from his former accountants following a failure to advise him about his non-domicile status and the possibility of tax efficient means of dealing with the sale of a business by way of a bearer warrant scheme thereby avoiding the substantial capital gains tax he paid. In the circumstances of the case the accountants did owe a duty to advise him that his non-domicile status carried potentially significant tax advantages. Had he been so advised he would have sought specialist advice and proceeded with a bearer warrant scheme in sufficient time. He was entitled to recover damages reflecting the tax savings he would have made together with wasted costs of entering another failed scheme.
