Gotta love the scum. Happy to run a story about tax evasion/avoidance, yet disgusted with Corbyn for trying equal out the playing field with a rise in corporation tax......
non-story. UK citizens trying to pay less tax. Just like an ISA. Nothing different.
Only problem in this particular case is that Ingenious (avertedly or in-avertedly) tried a trick too far. As the article says, all the rest of their schemes (and there have been a few) have all been ok.
There are lots of schemes like this that the rich and famous use in order to avoid paying taxes and they are legal. For me there lies the problem, close all the loopholes that make them legal therefore making them illegal and make the buggers pay their tax. They won't do it though it's much easier to go after single parents etc.
All of those found guilty should be automatically excluded from having contracts with publically owned entities (including the BBC) for at least 10 years. They have tried to rip off the general public so why should we enrich them further.
There are lots of schemes like this that the rich and famous use in order to avoid paying taxes and they are legal. For me there lies the problem, close all the loopholes that make them legal therefore making them illegal and make the buggers pay their tax. They won't do it though it's much easier to go after single parents etc.
The authorities do go after them, hence this scheme and others being closed down.
Rich people though can afford good tax experts to find a new loophole to exploit, thus it's an ongoing battle.
There are lots of schemes like this that the rich and famous use in order to avoid paying taxes and they are legal. For me there lies the problem, close all the loopholes that make them legal therefore making them illegal and make the buggers pay their tax. They won't do it though it's much easier to go after single parents etc.
The authorities do go after them, hence this scheme and others being closed down.
Rich people though can afford good tax experts to find a new loophole to exploit, thus it's an ongoing battle.
I don't believe they go after them enough. How many people who use these schemes are doners to the Tory party, quite a few I would think. But Labour also share the blame for not closing the loopholes. Blair after all won three elections. Corrupt bastads the lot of em.
If you look at the accounts of the entity and the incredible amounts that were borrowed against their investment, to suggest it was remotely similar to an ISA or other tax scheme (eg EIS) is highly disingenuous - if it looks and quacks like a duck (or tax dodge in this case) then it probably is.
Ingenious have many such funds and variants. It is just one scheme that has been ruled against. The government set the rules up, and they have just interpreted them.
A similar non U.K. Scheme led to Michael Hutchence make most of his money as he invested as a tax write off in a film called crocodile Dundee and made more from that than his musical career
The issue here is that the entity was created with the express purpose of evading tax, not invest in films which happened to bring with them a tax incentive.
The amounts they will end up owing will be multiples of the tax they saved due to the leverage - suspect many will go bust.
The issue here is that the entity was created with the express purpose of evading tax, not invest in films which happened to bring with them a tax incentive.
The amounts they will end up owing will be multiples of the tax they saved due to the leverage - suspect many will go bust.
There are lots of schemes like this that the rich and famous use in order to avoid paying taxes and they are legal. For me there lies the problem, close all the loopholes that make them legal therefore making them illegal and make the buggers pay their tax. They won't do it though it's much easier to go after single parents etc.
Unless I am very much mistaken the "film scheme incentives" and tax breaks were brought in by Tony Blair and a Labour government. There were many proper schemes set up and some dodgy ones. This would appear to be a dodgy one and HMRC have challenged it and won. So HMRC are doing the right thing here. Single parents have nothing to do with the issue and is an emotive irrelevance.
If you look at the accounts of the entity and the incredible amounts that were borrowed against their investment, to suggest it was remotely similar to an ISA or other tax scheme (eg EIS) is highly disingenuous - if it looks and quacks like a duck (or tax dodge in this case) then it probably is.
I thought it was an EIS Scheme.
I cant see what the problem is. These schemes are all legal & have pre-approval by HMRC. I believe the one is question just went a bit too far & why HMRC challenged it. The investors are doing nothing illegal & it was the investment firm (Ingenious) who were at fault.
There isn't anyone on here who wouldn't do the same in their position. Most of us are not in the position to have a few million spare, but if you had a spare £50k & put it in an ISA or a Pension so that you didn't have to pay tax on the interest does that make you a tax dodger ?
As for the individuals, I assume they were advised to invest in this scheme by their accountants/advisers, and probably paid no attention to the detail of it
If you look at the accounts of the entity and the incredible amounts that were borrowed against their investment, to suggest it was remotely similar to an ISA or other tax scheme (eg EIS) is highly disingenuous - if it looks and quacks like a duck (or tax dodge in this case) then it probably is.
I thought it was an EIS Scheme.
I cant see what the problem is. These schemes are all legal & have pre-approval by HMRC. I believe the one is question just went a bit too far & why HMRC challenged it. The investors are doing nothing illegal & it was the investment firm (Ingenious) who were at fault.
There isn't anyone on here who wouldn't do the same in their position. Most of us are not in the position to have a few million spare, but if you had a spare £50k & put it in an ISA or a Pension so that you didn't have to pay tax on the interest does that make you a tax dodger ?
It had as much in common with an EIS scheme as Johnnie Jackson has with Usain Bolt.
You should dig out the accounts - it is frightening the risks they took.
Comments
Do they count as one celebrity?
Government creates a tax-efficiency scheme to help the film industry and wealthy individuals sign-up to it.
Move along....nothing to see here.
Only problem in this particular case is that Ingenious (avertedly or in-avertedly) tried a trick too far. As the article says, all the rest of their schemes (and there have been a few) have all been ok.
For me there lies the problem, close all the loopholes that make them legal therefore making them illegal and make the buggers pay their tax.
They won't do it though it's much easier to go after single parents etc.
Rich people though can afford good tax experts to find a new loophole to exploit, thus it's an ongoing battle.
How many people who use these schemes are doners to the Tory party, quite a few I would think.
But Labour also share the blame for not closing the loopholes.
Blair after all won three elections.
Corrupt bastads the lot of em.
https://www.thesun.co.uk/tvandshowbiz/3704431/with-amanda-holden-showing-off-her-golden-buzzers-on-bgt-can-you-match-these-nipples-to-their-famous-owners/
A similar non U.K. Scheme led to Michael Hutchence make most of his money as he invested as a tax write off in a film called crocodile Dundee and made more from that than his musical career
The amounts they will end up owing will be multiples of the tax they saved due to the leverage - suspect many will go bust.
I cant see what the problem is. These schemes are all legal & have pre-approval by HMRC. I believe the one is question just went a bit too far & why HMRC challenged it. The investors are doing nothing illegal & it was the investment firm (Ingenious) who were at fault.
There isn't anyone on here who wouldn't do the same in their position. Most of us are not in the position to have a few million spare, but if you had a spare £50k & put it in an ISA or a Pension so that you didn't have to pay tax on the interest does that make you a tax dodger ?
You should dig out the accounts - it is frightening the risks they took.