Swiss portfolios become compliant. My advice to anyone in doubt is to act now, seek professional advice if only to understand the options available to you." The tax authority's warning came as it announced a victory in court over a tax avoidance scheme, which it says will potentially save the exchequer 104m in lost revenue. According to the revenue, the scheme claimed to license newspaper mastheads in order to avoid tax. However, a tribunal ruled that the subsidiaries of  Iliffe News and Media were not entitled to a tax deduction for payments they had made to their parent company to use their own mastheads. HMRC said closing the scheme had "protected" 5.6m and "potentially saved" 104m in 67 similar cases. COMMENTS Have your say! Perhaps it is just the wording but it appears that HMRC have been turning a blind eye towards this sort of activity in the past. It seems very similar to blind eye turned towards the transfer pricing of coffee companies who are owned in the USA but operate in the UK, who buy their coffee beans from Switzerland (wherever they get the beans from) but have the beans roasted in the Netherlands, all the time paying over the top for these "services". Apparently the coffee beans never see Switzerland or the Netherlands but the tax avoiding pounds do! International Adviser International Adviser provides up to the minute news, tools and professional resources for Independent Financial Advisers in the UK, Europe, Middle East and Asia Pacific regions.