HM Revenue & Customs (HMRC) has won a court battle to stop an investment partnership - which included wealthy football managers among its members - from gaining £117m in tax relief.
The Times reports the partnership, Eclipse 35, wanted to claim tax relief on a complicated £1bn deal with Disney. However, as part of the government drive to cut tax avoidance by the rich HMRC took the case to court and won.
The report said if the scheme had been successful each of the investment partnership’s 289 members – which included Manchester United manager Sir Alex Ferguson and former England manager Sven-Göran Eriksson – could have secured about £400,000 in tax relief on a personal investment of £173,000.
The decision of a tax tribunal could have a wide-reaching effect on dozens of other film schemes as well as other investments designed to achieve high tax reliefs, experts told The Times.
Other members of Eclipse 35 included hedge fund managers, bankers and chief executives, the report added.
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