Treasury Select Committee chairman Andrew Tyrie has written to Chancellor Philip Hammond, highlighting the "very severe financial stress" caused to investors by the clampdown on the exploitation of tax breaks for investors in the film industry.
In a letter seen by Professional Adviser, Tyrie (pictured) wrote: "Of late, an increasing number of representations have been made to me expressing concern the outcomes are not always fair nor what anyone could have expected. "This has resulted in financial calamity for some of those involved and considerable difficulties for HMRC in bringing a large number of schemes to a close." In May 2016, the Supreme Court made a decision on film tax scheme Eclipse 35 leaving investors facing accelerated payment notices (APNs) from HM Revenue & Customs (HMRC) amounting to more than £2bn. The ...
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