Revenue blocks Ingenious film loss relief
Business leaders, sports stars and celebrities including footballer David Beckham, singer Bob Geldof and Lucian Grainge, chief executive of Universal Media Group, are likely to be caught up in yet another film partnership tribunal hearing, reports Nick Huber.
The partnerships, which have attracted more than £700m, invest in the making of films such as Avatar, computer games such as Dirt, one of the rally racing game series backed by driver Colin McRae, according to the Financial Times. Other people who reportedly invested include footballer Wayne Rooney, cricketer Andrew Flintoff, and composer Andrew Lloyd Webber.
Following a lengthy stand-off during which HMRC said it was investigating the arrangements of film partnerships operated by Ingenious, the media company said in a letter to investors that it had requested closure notices from HMRC in order for it to put the cases forward for hearing at the first tier tax tribunal.