U.K. Film Finance Schemes Under Inquiry: Report

Are high-net-worth individuals involved in British film finance schemes secretly stashing money offshore? Revenue & Customs, the UK equivalent of the IRS, believes that “billions of pounds in tax revenue have been lost” as tax breaks are sold to wealthy investors enabling them to avoid or defer tax, according to an article in today’s Times Of London. Revenue and Customs told The Times that 600 film schemes are under inquiry with one official saying that overall they are “a £5B risk for us at least… Someone puts in money, and then the film scheme promoter says, ‘We’re going to lend you ten times that’… so all you do is generate tax relief and make a shedload of money for nothing.” The report has stirred the ire of one company mentioned, Ingenious Media, which surmises the anonymous Revenue source is “a rogue inspector who has no authority to make such a misinformed statement.” Ingenious says it has instructed its lawyers “to take appropriate action.” (more…)

This article was printed from https://deadline.com/2012/06/u-k-film-finance-schemes-under-inquiry-report-289885/