HMRC win a big one
Discussion
Following on from this http://www.pistonheads.com/gassing/topic.asp?h=0&a...
I thought it has more relevance here. HMRC are now actively tackling more tax avoidance schemes and seem to be winning more often now. This http://www.moneymarketing.co.uk/adviser-news/hmrc-... was a big one at £117 but it also stinks of blatant tax avoidance - £173k put into the scheme allowed you to avoid £440k of tax. Wow.
I thought it has more relevance here. HMRC are now actively tackling more tax avoidance schemes and seem to be winning more often now. This http://www.moneymarketing.co.uk/adviser-news/hmrc-... was a big one at £117 but it also stinks of blatant tax avoidance - £173k put into the scheme allowed you to avoid £440k of tax. Wow.
Film sale and leaseback deal. These were very popular years ago.
In many cases, they are a perfectly legitimate way to get things made and the tax savings are key to raising finance to get things made.
When, however, the films have already been made, selling the fim and leasing the rights back from an investment group is just a way for:
1. The production company to make some money
2. The investors to make some money via tax relief.
No product is being made in this case, which is why it looks like HMRC have decided it is not acceptable.
In many cases, they are a perfectly legitimate way to get things made and the tax savings are key to raising finance to get things made.
When, however, the films have already been made, selling the fim and leasing the rights back from an investment group is just a way for:
1. The production company to make some money
2. The investors to make some money via tax relief.
No product is being made in this case, which is why it looks like HMRC have decided it is not acceptable.
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