Film investment scheme loses latest battle in HMRC tax dispute

Backed by Beckham, Rooney and others

Victoria McKeever
clock •
Film investment scheme loses latest battle in HMRC tax dispute

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,...

To continue reading this article...

Join Professional Adviser

 

  • 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.
  • Tap into our community intellignece through our regular Pro Adviser poll.
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

Victoria McKeever
Author spotlight

Victoria McKeever

View profile
More from Victoria McKeever

Beaufort Financial adds offices in Nottinghamshire and Worcester

Advisers split on cashflow modelling priorities

More on Tax planning

David Downie: "Your trust clients need to be aware of their new TRS registration obligations and keep their information up to date. What are the expanded requirements, and what do trustees need to do?"
Tax planning

David Downie: New trust registration rules explained

Everything advisers and clients need to know

David Downie
clock 30 September 2021 • 4 min read
Andrew Aldridge: "One of the potential misnomers is that EIS, and other tax-efficient investments such as venture capital trusts (VCT) and business relief propositions, are only for the mega-wealthy."
VCTs / EIS

Andrew Aldridge: EIS - not just for the 'mega-wealthy'

Andrew Aldridge explores why advisers tend not to consider EIS for clients despite most funds accepting investments from £10,000 pounds. Yes, such funds should absolutely be considered 'high risk and illiquid' but is education also part of the problem?...

Andrew Aldridge
clock 28 September 2021 • 3 min read
Claire Trott: "The AA charge assumes that all tax relief on the contributions has been claimed. If the tax relief isn't claimed then the AA charge will mean the member is out of pocket."
Pensions

Claire Trott: Pension contribution limit breaches explained

What can happen depends on the circumstances

Claire Trott
clock 28 September 2021 • 5 min read