Investors in a film-investment scheme face a large tax bill after an upper tier tax tribunal ruled that "Eclipse 35" does not deliver the tax relief it claimed.
The firm is one of 31 related avoidance partnerships with over £600m in tax at risk, HMRC said. The scheme - which reportedly involved investors including sports stars and City figures - was first used in 2006-07.
Eclipse 35 was an LLP and claimed to enable its 287 partners to obtain tax relief on their general income through a complex series of...
About Nick Huber
I’m a specialist business journalist and have a particular interest in tax and technology.