Reposted from Accountingweb
Former cabinet minister Andrew Mitchell, who resigned over the Plebgate scandal back in 2012, invested in a film investment scheme that the government has now declared as inappropriate tax avoidance.
The Ingenious Film Partners 2 vehicle backed big films like Avatar, Girl with a Pearl Earring and Shaun of the Dead, and its promoters say it encouraged genuine investment in British film.
As reported by BBC Newsnight last night, HMRC deemed the tax relief provided by the company as “inappropriate”, meaning investors like Mitchell could end up having to pay back hefty sums after Royal Assent is passed in the coming days.
Earlier this week HMRC named Ingenious Film Partners 2 as one of 1,200 candidates for accelerated payment notices under its new powers to force repayment of tax relief up front, rather than waiting for the outcome of a tax tribunal.
Later this month people using…
View original post 341 more words