Liquidators to collapsed insurer, Independent, are to restate its profits by up to £160m in a bid to reclaim £50m tax rebates.
The Times reported today that PricewaterhouseCoopers (PwC) is understood to be preparing to cut Independent's declared profits between 1996 and 2001.
The corporation tax revision means Independent creditors could receive a £50m windfall.
A PwC spokeswoman told The Times that discussions had taken place with the Inland Revenue.
A spokeswoman for the Independent's former auditor, KPMG, said it believed information had been withheld from it by the collapsed insurer.
