Ingenious suffers court defeat against HMRC over film schemes
Taxman can now collect £1.6bn in outstanding liabilities
Taxman can now collect £1.6bn in outstanding liabilities
Clients want ‘capital protection, steady returns, immediate IHT effectiveness and low costs’
‘We are considering what further options are open to us in relation to these proceedings’
Claims that he was told the investment would be ‘safe as houses’
David Beckham, Guy Ritchie and Sacha Baron Cohen among those who invested
Black marks blocking UK honours not always fair
Investors expect to recover around £200m from Ingenious film investments
The next chair of the UK’s Financial Conduct Authority said he made an “error in judgement” when he used a tax avoidance film scheme promoted by Ingenious, a firm that has lost several court battles against HM Revenue & Customs.
Former sports stars are among a group of investors taking legal action in the UK against Scion Films for losses incurred from mis-sold investments in film tax schemes with the help of the law firm taking similar action against Ingenious Media.
Celebrities including Premiership footballers embroiled in the failed Ingenious Film scheme have lost their tax relief appeal with HM Revenue and Customs.
A group of 45 former English Premier League footballers are to sue the professional advisers linked to the £700m Ingenious Media film investment scheme that has been accused by the UK taxman of creating artificial losses to allow investors to claim tax relief.
British investment advisory group Ingenious Media said it will appeal an August 2016 Tax Tribunal ruling on the status of its film production partnerships, which date back as far as 2002 and involve many famous actors and footballers.