Archive for January, 2015

More than 100 high net worth individuals who invested millions in television and film production schemes which yielded neither the profits nor the tax advantages which they had expected have had their hopes of compensation boosted by a High Court ruling. Around £75 million had been invested by about 240 individuals in the schemes, which were run by four limited liability partnerships. HM Revenue and Customs had refused to recognise them as legitimate tax mitigation schemes and many of those who lost money suspected that they had been little more than vehicles for fraud. Criminal proceedings were pending against three men who established the schemes. Lawyers representing 103 investors had taken legal action against the partnerships and sought disclosure orders against a firm of solicitors which had in its possession a large quantity of documents relating to the same. There was ... Read more