Celebrity investors told to prepare for tax crackdown

Celebrity investors told to prepare for tax crackdown

Ingenious Media warns investors of impending HMRC tax avoidance crackdown

HUNDREDS of investors including business leaders, sports stars and entertainers have been told to prepare for a £520m tax bill as HMRC cracks down on the use of alleged tax avoidance schemes.

Ingenious Media, an investment company, issued a warning to 1,300 investors, including sports stars such as David Beckham (pictured), that they could be forced to pay back all the tax they saved, possibly with interest, by using its alleged tax avoidance scheme, the Financial Times reports.

The investors are caught up in a crackdown that will see those in tax avoidance schemes forced to pay their bills up front while HMRC investigates their arrangements.

Ingenious told its investors: “We have done everything we can to lobby for changes to the accelerated payment proposals as the Bill has progressed through Parliament, but without success.”

Ingenious Media, which has financed box-office hits such as Avatar, has previously denied that its film and game partnerships are tax avoidance schemes, saying they are legitimate businesses that have generated more than £1bn of taxable revenue.

The firm is set to fight a court battle with HMRC over whether it is a tax avoidance scheme in a tribunal scheduled for November. Ingenious has criticised HMRC for repeatedly using “stalling tactics” that have delayed the hearing.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource