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

The importance of UX in accounts payable: Often overlooked, always essential
AP

The importance of UX in accounts payable: Often overlooked, always essentia...

1m Kloo

The importance of UX in accounts payable: Often ov...

Embracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...

View article
The power of customisation in accounting systems
Accounting Software

The power of customisation in accounting systems

2m Kloo

The power of customisation in accounting systems

Organisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...

View article
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
8 Key metrics to measure to optimise accounts payable efficiency
AP

8 Key metrics to measure to optimise accounts payable efficiency

2m Kloo

8 Key metrics to measure to optimise accounts paya...

Discover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...

View article