Film partnership tax probe Geoffrey Cox QC, Britain’s highest earning MP, is one of hundreds of wealthy figures and celebrities who have put cash into Phoenix Film Partners LLP, an alleged tax avoidance scheme being investigated by HMRC, according to the Daily Mirror. Phoenix, among several film financing projects set up by Ingenious Media, is one of 1,200 schemes identified by HMRC as being designed to avoid tax. Hugh Fearnley-Whittingstall is one celebrity who joined the Ingenious Media partnership, but he left six months ago. Yesterday, he said he thought it was a bona fide investment with government-approved tax relief . But he added: It seems from reports HMRC does have reservations. I want to be transparent, so this year I resigned my subscription and handed back all the tax gain I made, plus interest, to HMRC. Elsewhere, Michael J M Reid of Meston Reid & Co warns that many company directors were seduced by such schemes and the issuance of accelerated payment notices seeking disputed tax from companies could soon see many firms seeking corporate insolvency advice. Daily Mirror, Page: 21 The Press and Journal, The Business, Page: 7
Posted on: Mon, 15 Sep 2014 10:15:26 +0000
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