Strictly’s Tess Daly sought to dance way through tax liabilities
TV presenter couple Tess Daly and Vernon Kay among 50 investors facing potentially large tax bills over film investment scheme
TV presenter couple Tess Daly and Vernon Kay among 50 investors facing potentially large tax bills over film investment scheme
STRICTLY COME DANCING co-host Tess Daly and her TV presenter husband Vernon Kay have been caught up in a tax avoidance inquiry after they invested in a £14m film partnership.
Tax breaks have been put in place to encourage investment in the British film industry, and while they have stimulated UK productions, they have also given rise to a series of tax avoidance schemes, many of which have been shut down by HM Revenue & Customs.
Daly and Kay are among 50 investors who could face tax bills and possible penalties if their Beaumont partnership suffers the same fate, the Daily Mail reports.
The scheme operated on a sale and lease-back basis, it is understood, which involves the purchase of film rights for an inflated figure before selling the rights back at discounted rate, claiming the difference as a trading loss. Typically, the crux of the issue centres on whether that trade is deemed to be genuine.
Former accountant John Dryburgh is among those managing the partnership. Although he has no involvement in recruiting investors into the Beaumont scheme and could not say which films had been financed by the partnership, he told the Mail that an HMRC probe into the scheme was underway.
“It’s all been agreed with HMRC, as far as I know, and I’m confident it will be closed off once they’ve decided what to do about other cases,” he said.
More about:
The numbers you crunch tell a story. Your expertis...
9yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn 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 resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleWith proposals for an Amazon tax on the table, how can the UK tax system catch up with the implications of the Fourth Industrial Revolution? Read More...
View articleGlobal corporations are under increasing scrutiny over how much corporation tax they pay. So who are the latest big names hitting the headlines over t...
View articleThe EU is deeply divided over how to increase the tax take from tech giants such as Google, Apple and Amazon, who have recently come under fire for be...
View articleTo avoid falling foul of HMRC's tax crackdown, small businesses now have to be much more vigilant when it comes to tax matters, and it's an ideal oppo...
View articleLaw firm warns that HMRC focus on entrepreneur’s relief could prompt increase in avoidance scheme usage Read More...
View articleDiverted profits tax revenue collected by HMRC in 2016-17 totalled £281m, leaping from £31m collected in the previous year, according to data released...
View articleBillions of pounds of infrastructure investment planned; but tax tinkering still looms following Philip Hammond's first Autumn Statement Read More...
View articleAs advisers prepare for another Autumn Statement, they and their clients hope to avoid the grip of more red tape Read More...
View article