HMRC names Isle of Man firm in tax avoidance scheme

The UK tax office has issued a 'stop notice' as a result

HMRC has named Isle of Man-based company Adapt Limited as a promoter of tax avoidance, citing its involvement in a complex scheme designed to minimise tax liabilities for individuals.

The scheme allegedly operates by routing income through various entities and structuring payments as loans rather than wages, reducing tax obligations.

The director of Adapt Limited, David Michael Yeomans, has also been publicly identified by HMRC in connection with the scheme.

In response, HMRC has issued a "stop notice", legally requiring Adapt Limited to cease the promotion and sale of the tax avoidance scheme.

Adapt Limited is additionally registered under the name TGI Payday Limited at 145 Grimsby Road, Cleethorpes, England, DN35 7DG.