Film partnership Ingenious lost the latest decision in an ongoing court dispute with HMRC over an approximated £700m tax bill, after a tribunal ruled losses eligible for tax relief were to be cut to a mere 4%.
Ingenious sought to challenge the HM Revenue & Customs (HMRC) charge of tax avoidance on investments in three of its subsidiaries. HMRC calculated the tax bill for the case was worth around £700m, made up of £420m in tax plus added interest. The schemes were investing in blockbuster films including Avatar and attracted investments from the likes of Gary Lineker, David Beckham, Steven Gerrard and Wayne Rooney. HMRC deemed investors were claiming tax relief on artificial losses and demanded immediate payment of the avoided tax. In August 2016 the first-tier tax tribunal ruled ...
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