Britain’s Supreme Court has rejected a multimillion pound legal appeal case brought by Eclipse Film partners against HMRC over a film scheme.
Although Eclipse film partners (No35) claimed to trade in film rights, this verdict upholds the Court of Appeal’s ruling in 2015 that it was a tax avoidance scheme. David Gauke, Financial Secretary to the Treasury, called today’s ruling an “important victory for HMRC”, which HMRC says has protected £635m in tax.
HMRC said that the scheme operated by acquiring the rights to Disney films (Enchanted and Underdog) and then sub-leasing them back to a different Disney entity for a guaranteed income stream.
Almost 300 investors, including Sir Alex Ferguson and Sven-Gran Eriksson, poured money into the sch...
About Nick Huber
I’m a specialist business journalist and have a particular interest in tax and technology.