HMRC closes loophole that allowed tax relief on funding medical research

A scheme designed to exploit tax breaks on medical research has been ruled unlawful in court after a challenge by HM Revenue and Customs (HMRC).

Matrix Securities promoted a scheme in which wealthy investors were offered tax relief far in excess of their investment, by exploiting a tax break meant to encourage investment in medical research. A total of 83 investors put up £28m (€33m; $45m) and borrowed another £86m from banks, allegedly to invest in research …