Inland Revenue could face claims for millions in tax refunds if clients of Ross Asset Management can satisfy it that their “income” never existed.
Investors now face the prospect of recovering less than 3 cents in every dollar they thought they had with Ross.
But according to expert claims, those who drew a regular income from their investments – which was taxed – may get a refund if they can satisfy the IRD that they were in fact simply getting their original deposits back.