New York (HedgeCo.Net) – UK bankers, hedge fund managers and celebrities are being offered a chance to settle income tax avoidance schemes estimated to have sheltered more than £3.5bn ($5.6 billion) through film financing structures and other tax-motivated partnerships, the Guardian reports.
The settlement parameters have not been set as yet, but HM Revenue & Customs plans to “clear the enormous backlog of tax schemes, many of which are a decade or more old”.
“HMRC’s move to offer settlements comes three years after a partial amnesty was offered to UK tax evaders hiding assets in Liechtenstein. They were lured into settlements with generous terms including cutting fines by 90% and capping the lost interest clawed back by the Exchequer.
“Last year, about 1,200 evaders using Liechtenstein came forward, generating £3bn for the Exchequer – three times the initial estimates.” The Guardian Reports.
Among those to have participated in tax-efficient film partnership schemes organised by Soho-based Ingenious Media – one of the largest film partnership firms – are footballers Steven Gerrard and Wayne Rooney; business figures Sir James Dyson and Lord Hollick; and pop stars Peter Gabriel and Robbie Williams. Ingenious is to go before a tax tribunal next year to clarify the scheme’s status. Many partnerships are registered in Jersey ensuring the names of high-profile investors are not disclosed.
Editing by Alex Akesson
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