Hands reveals £15m film tax scheme bill

Guy Hands was forced to pay back more than £15m in tax as a result of film
tax claims that went wrong.

The private equity tycoon testified yesterday that he was forced to pay more
than £15m in disallowed tax and £2.3m in interest on the schemes, which invested
in film flops including Tabloid TV, Silent Cry and Jimmy Fizz, the FT reported.

The schemes, run by Baker Tilly, are now the subject of a lawsuit, as
investors accuse the firm and barrister Adrian Shipwright of negligence in
signing off on the plans.

‘If I had been informed that there was a real possibility that I would lose
up to 60% of my investment, I would not have invested in the film schemes,’
Hands said.

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