Celebs face multi-million pound tax bills over film funds
According to the Mail on Sunday, Revenue & Customs has told Ingenious Media its schemes are designed to avoid tax rather than promote films.
A tax tribunal is scheduled to take place next year, following HMRC’s verdict, which could result in a number of high-profile celebrities being handed seven-figure tax bills.
Celebrities such as pop star Robbie Williams and film director Guy Ritchie have invested in the film schemes.
A number of footballers, including David Beckham, Steven Gerrard and Wayne Rooney, also invested in the schemes.
Speak to the Mail on Sunday, Ingenious Media Investments chief executive James Clayton said: “We welcome the opportunity this gives us to finally bring the matter before the tribunal where we will have our case heard by an independent assessor.”
According to the FT, around 500 investors are considering complaints against their advisers for allegedly mis-selling investments in film production companies, over the course of the last decade.