IFAs must take a tough approach to HMRC's clampdown on tax-planning schemes, write Jonathan Levy and Matthew Greene of law firm Reynolds Porter Chamberlain.
Some years ago, the UK Government decided to do its bit for the British film industry by introducing specific tax relief for investors in British films. The legislation accelerated tax relief, and for smaller films provided 100% write-off for production and acquisition costs on qualifying films that cost £15m or less to make. The idea was that investors would put their cash into high-risk British films. After the introduction of film reliefs, tax-efficient investments appeared in the marketplace, which were designed to remove or eliminate investment risks. Generally, such products used n...
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