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IFA jailed for role in film tax scam

Handcuff-Justice-Euro-Fine-Ban-Jail-700x450.jpgFinancial adviser Simon Osborne has been sentenced to prison, alongside three other men, for his involvement in a tax relief scheme that defrauded HM Revenue and Customs out of more than £2m.

The four men were yesterday sentenced to a combined 15 years in prison.

Osborne, along with Rod Bond, Simon Hill and Lee Palmer set up a filming company called Formula One Limited Liability Partnership.

Osborne, Bond and Palmer were sentenced to two years and eight months in prison.

Hill received 20 months in prison suspended for two years and was ordered to carry out 300 hours of unpaid work.

The men illegally benefitted from tax relief they were not eligible for, supplying false documentation to HMRC.

False correspondence claiming the men spent the required time per week working on the partnership needed to secure the tax relief was also found.

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The Crown Prosecution Service says Osborne, who advised two clients, “played a key role” in submitting false documents on his clients’ behalf.

Nine investors had signed up to the scheme, contributing around £1.2m.

CPS senior specialist prosecutor Alex White says: “The CPS showed that these documents, including diaries, were wholly false and had been fabricated using a computer programme. Those submitted to HMRC were deliberately misleading and designed to dishonestly obtain tax advantages.”

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