Fergie and Sven reportedly face heavy losses as Disney tax ruse fails
Sir Alex Ferguson and Sven-Goran Eriksson are among almost 300 wealthy individuals facing average losses of more than £1m each over a notorious investment in Disney films cited as a tax avoidance scheme, The Sunday Times has reported.
The football bosses and 287 other investors joined a partnership that purchased rights to Hollywood films Enchanted and Underdog, allegedly in order to eventually claim £117 million in tax reliefs.
The newspaper said the investors may face tax bills of up to seven times their initial investment after the tax scheme, known as Eclipse 35, was successfully challenged by HM Revenue & Customs (HMRC) and subsequent attempts to restructure it have so far failed.
Recently retired Manchester United boss Ferguson and ex-England manager Eriksson were among investors contributing a total £50 million to the Eclipse scheme, which was first used in 2006.
Controversially, the man who devised the Government’s wide-ranging new rules against tax avoidance is reportedly set to defend the weathly users.
Graham Aaronson, dubbed the ‘Gaar tsar’ for his work on the General Anti-Avoidance Rule (Gaar), has denied being a hypocrite for acting on their behalf.
Credit: MSN News