View more on these topics

City investors sue over film partnership schemes

UK-Currency-Money-Pound-GBP-620x430.jpg

More than 100 investors including former Lazard International chairman Ken Costa and Investec private equity head Christian Hess are suing film partnerships firm Ingenious over the schemes.

The Mail on Sunday reports investors have issued a writ in the High Court against Ingenious and more than 50 associated companies.

These include Coutts, HSBC Private Bank and UBS. They declined to comment.

HM Revenue & Customs has challenged the use of Ingenious’s film partnership schemes which have raised money from 1,300 investors, including footballers and other celebrities.

The total sum that could be claimed by investors who say they were not advised of the risks of the schemes is estimated at £12bn.

In a statement to the newspaper, Ingenious said: “The film partnerships run by Ingenious Media have already generated over £1bn in taxable income for the UK Treasury. They helped to bring movies including Avatar, Vera Drake and Hotel Rwanda to the screen and are clearly run for profit. These claims are entirely without merit and we will vigorously defend any actions brought against us.”

Recommended

Invest-Performance-Portfolio-Fixed-Income-Graph-700x450.jpg

FOS sees 139% jump in film partnership complaints

The Financial Ombudsman Service has seen a spike in complaints about film partnership schemes as part of a wider rise in complaints about higher-risk investments. The FOS’s annual review, published today, shows it received 15,938 complaints about investments and pensions. This represented 3 per cent of the total number of new cases received during the […]

HMRC-Building-700x450.jpg

Upper Tax Tribunal rules against Eclipse 35 film investment scheme

The Upper Tax Tribunal has backed its lower bench over the illegitimacy of the film investment Eclipse 35, which was marketed as a tax efficient investment solution.  The move means investors, including retired Manchester United manager Sir Alex Ferguson and former England manager Sven-Goran Eriksson, could be left with a hefty tax bill, while lawyers may […]

1

Court delays £31m film scheme appeal after HMRC officer arrest

An HM Revenue & Customs investigation into a £31m tax avoidance scheme has been delayed after an HMRC officer was arrested. The Times reports David Duthie, a member of the 12-person team investigating film tax partnerships set up by Future Capital Partners, has been arrested on suspicion of wrongdoing. The paper reports Edinburgh-based Duthie is […]

Celebrities and footballers ‘victims of £125m film investment tax fraud’

A number of celebrities, bankers and football stars have been caught up in an alleged £125m tax fraud that revolved around film investments. According to the Mail on Sunday, West Ham United manager Sam Allardyce, Princess Diana’s former butler Paul Burrell and pop singers Mike Skinner of The Streets and Damon Gough, also known as […]

Allianz Technology Trust – April 2017

Welcome to the latest update for Allianz Technology Trust PLC from the Trust’s portfolio manager, Walter Price. Portfolio review The Trust’s NAV returned 4.3% , outperforming the Dow Jones World Technology Index return of 2.8%. In US dollar terms, the portfolio gained 4.8%. During the month, stock selection contributed to relative performance, and industry allocation […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Hardly ingenious….

  2. Did not understand the RISK.
    Jelly Fish!

  3. Dear Mr Paddy Power. I put £50,000 on a horse in the 2.30 at Ascot but it lost. I’m now going to sue you for my stake back !

Leave a comment