The Times: Tax advisers ‘used film scheme despite crackdown’
Stewarts is preparing a claim on behalf of a significant number of investors against advisers who recommended a film scheme as a way to defer tax.
More than 200 investors put money into the Invicta 43 tax scheme, despite HMRC having changed its rules to counter this type of investment going forward. The investors in the scheme now face tax bills potentially much larger than the sums they invested.
Similar schemes have been accepted by HMRC on the basis they fell within its guidance but the Invicta 43 scheme included additional elements taking it outside of that guidance.
David Pickstone, Head of Tax Litigation, who is leading the claim, says:
“This scheme was sold as a last chance to benefit from a scheme which fell within HMRC’s guidance and was intended to defer tax, not avoid it. In reality, although similar schemes had been tolerated or accepted by HMRC in the past, they did not include the additional elements of Invicta 43 and there had already been legislative change by HMRC to counteract such structures going forward.
Media coverage has focused on very wealthy footballers who invested in the scheme – but our clients include high-street professionals looking to invest life-savings they cannot afford to lose, who relied on the advice of their advisers”.
Stewarts is already representing a significant number of investors, but investigations to date into the advice offered by various advisers suggest that more of the 200 investors in Invicta 43 are likely to join the claim.
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