A former financial adviser has been jailed for six years for his part in a film scheme tax fraud.
Neil Williams-Denton devised tax avoidance schemes based on tax breaks given to investment in the film industry, reports City AM. He attempted to defraud HMRC of £2.2m.
Williams-Denton, a former Greystone Financial Services director, was jailed alongside former EY partner Terence Potter, who was sentenced to eight years in prison.
Williams-Denton had already been found guilty of his part in the scheme.
Jennie Granger, director general of enforcement and compliance at HMRC, says: “This was pure greed by a dishonest tax agent, a financial adviser, and people who were already wealthy individuals. Those found guilty had no interest in the film industry, or regard for the impact on honest taxpayers.
“While it started with a tax adviser pushing a deeply fraudulent tax scheme, wealthy professionals investing in such schemes should be aware of the pitfalls. Those found guilty believed they were above the law, cheating the system by masking tax fraud as investment in films.”