Tyrie highlights 'financial calamity' of film tax break clampdown

Investors face 'life-changing bills'

Victoria McKeever
clock • 2 min read

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 ...

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

The right advice for divorcing family business owner clients

The right advice for divorcing family business owner clients

Making it work with proper planning and professional advice

Joanna Toloczko
clock 21 March 2024 • 5 min read
IHT receipts continue to rise as government nets £6.8bn

IHT receipts continue to rise as government nets £6.8bn

Latest figures from HMRC show tax take continues to soar

Jenna Brown
clock 21 March 2024 • 1 min read
Child benefit changes could see higher earners reap pension boost

Child benefit changes could see higher earners reap pension boost

Analysis from Quilter says gains to be made from Spring Budget changes

Jenna Brown
clock 11 March 2024 • 2 min read