Beckham joins celebs facing £520m bill over tax schemes

clock • 2 min read

Business executives and sport stars - among them David Beckham - have been warned they must pay HM Revenue and Customs more than £520m after a government crackdown on tax avoidance schemes.

Former England star Beckham (pictured), alongside other famous faces including Dame Clara Furse of the Bank of England's Financial Policy Committee, and Lord Hollick the financier and former media boss, have all been warned by investment company Ingenious Media they could face hefty tax bills, the FT reports. Ingenious Media allowed its clients to invest in films through partnerships. While these made early losses of £1.3bn, investors could then offset their losses against their other income and consequently reduce tax bills. But the firm has now issued a warning to 1,300 past and pre...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax Planning

Majority of advisers think NI cut will not boost pensions savings

Majority of advisers think NI cut will not boost pensions savings

Only one in ten think people will put the extra cash into pensions savings

Isabel Baxter
clock 11 March 2024 • 1 min read
Partner Insight: Royal London's Fiona Hanrahan — 'Your top tax year end questions answered'

Partner Insight: Royal London's Fiona Hanrahan — 'Your top tax year end questions answered'

Fiona Hanrahan, Senior Intermediary Development and Technical Manager, Royal London
clock 08 February 2024 • 3 min read
Treasury collects £2bn in 12 weeks as IHT receipts continue to soar

Treasury collects £2bn in 12 weeks as IHT receipts continue to soar

Figure breaks down at £22m a day for the government’s coffers

Hope William-Smith
clock 21 July 2023 • 2 min read