Category: Ingenious Media

HMRC accused of hypocrisy over tax avoidance stance

Pinsent Masons has accused HM Revenue & Customs (HMRC) of hypocrisy over its recent approach to tax planning and avoidance. Fiona Fernie, a partner at the law firm, said many of the government department’s investigations of late had been politically motivated, “concentrating on the best soundbites for ministers”. Tax avoidance… – Continue reading

Top UK cricketers caught up in film scheme losses

Several former England cricket captains have been caught up investing in disputed film schemes that have also seen many high-profile footballers lose millions. The Sunday Times reported over the weekend that it had seen documents showing that Michael Vaughan, Andrew Flintoff and Marcus Trescothick were among the cricketers who had… – Continue reading

HMRC reports ‘record’ £1bn tax take from use of accelerated payment notices

The UK government’s use of ‘accelerated payment notices’ (APNs) to demand up-front payment of disputed tax has enabled it to collect £1 billion in payments from users of tax avoidance schemes, it has announced.14 Sep 2015 HM Revenue and Customs (HMRC) has issued over 25,000 APNs since August 2014 to… – Continue reading

Funding for businesses facing APNs

A funding line has been launched to help business taxpayers facing payment deadlines arising from Accelerated Payment Notices (APNs) APNs, introduced in 2014, enable HMRC to request full upfront payment of disputed tax within 90 days. They are issued to individuals and companies suspected of partaking in aggressive avoidance schemes…. – Continue reading

Last minute funding to help SMEs pay tax bills

Commercial finance provider LDF has launched a funding line to help taxpayers facing payment deadlines arising from accelerated payment notices issued by HMRC. Accelerated payment notices, otherwise known as APNs, were first introduced in 2014. Designed to change the economics of avoidance, the notice enables HMRC to request full upfront… – Continue reading

Judicial review of accelerated tax payment notices dismissed by judge

A challenge by way of judicial review to notices issued by HM Revenue & Customs (HMRC) requiring “accelerated payment” of tax pending the outcome of a tax dispute has been dismissed by Mrs Justice Simler DBE in the High Court.04 Aug 2015 Tax Disputes and Investigations Litigation & International Arbitration… – Continue reading

Ingenious, HSBC, UBS and Coutts sued by ‘tax avoidance’ clients

Private client banks such as Royal Bank of Scotland’s Coutts, HSBC and UBS have been sued by clients for wrongly advising them to invest in film investment specialist Ingenious as its schemes have since been labelled by tax authorities as tax-avoidance vehicles. Ingenious Media and around 50 other associated financial… – Continue reading

The Line Between Avoidance and Evasion Is Disappearing

Michael Wilson rants that a long-cherished distinction between avoidance (OK) and evasion (not OK) is being eroded by political doublespeak. And that the demise of the 1936 ‘Duke of Westminster’ legal principle has gone sadly unnoticed. Where will it end? You hardly need telling that there’s an election on the… – Continue reading

Now David Beckham is set to receive tax demand: HMRC targets celebrities and sportsmen who have invested in potential tax avoidance projects

David Beckham, cricketer David Gower and Conservative MP Andrew Mitchell are among those set to receive tax demands totalling millions of pounds after investing in potential tax avoidance projects. HM Revenue & Customs is understood to have been sending out letters to investors in film finance schemes set up by… – Continue reading

Conservative MP implicated in tax avoidance scheme

A CONSERVATIVE MP invested in an alleged tax avoidance scheme currently under investigation by HM Revenue & Customs. Conservative Geoffrey Cox QC – a top lawyer at Thomas More Chambers – is one of 230 who put cash into Pheonix Film Partners, run by Ingenious Media, the Mirror reports. Pheonix… – Continue reading