Because of the tax avoidance scheme they signed up for
Essentially, an investment in a film partnership which was immediately lost (usually), but generated a benefit in the form of a huge tax deduction that could offset other income in the same year. The net result is a return to the investor which is paid by the taxman. The film credit rules were there to incentivise investment in the film industry, but were being exploited to create tax losses for wealthy individuals to shelter other income.
Unfortunately for them, HMRC challenged whether the film partnerships were actually trading with a view to a profit, and the courts decided HMRC were right and the tax deduction was denied. So, the actual net result was losing the cash they invested and owing the tax that they thought they’d saved to HMRC.
Posted By: SimonOTBC on September 4th 2025 at 22:33:00
Message Thread
- so where did she get her advice from (General Chat) - ghostof barry butler, Sep 4, 19:48:06
- Solicitors queuing up to say it wasn’t them (General Chat) - Old Git, Sep 4, 20:56:25
- ffs don't get me started on conveyancing solicitors (General Chat) - Tombs, Sep 4, 21:30:32
- Ok I definitely won’t (General Chat) - Old Git, Sep 4, 22:01:44
- it really wasn't (General Chat) - Tombs, Sep 4, 22:15:41
- Ok I definitely won’t (General Chat) - Old Git, Sep 4, 22:01:44
- Or evade tax, as it turned out (General Chat) - SimonOTBC, Sep 4, 21:02:02
- On the subject of tax (General Chat) - SCC 28, Sep 4, 21:16:18
- Because of the tax avoidance scheme they signed up for (General Chat) - SimonOTBC, Sep 4, 22:33:00
- Right (General Chat) - SCC 28, Sep 4, 22:52:28
- The film partnerships can make a bit of money too (General Chat) - SimonOTBC, Sep 5, 07:21:19
- Right (General Chat) - SCC 28, Sep 4, 22:52:28
- Because of the tax avoidance scheme they signed up for (General Chat) - SimonOTBC, Sep 4, 22:33:00
- On the subject of tax (General Chat) - SCC 28, Sep 4, 21:16:18
- ffs don't get me started on conveyancing solicitors (General Chat) - Tombs, Sep 4, 21:30:32
- Her accountant down at the cycle shop. (n/m) (General Chat) - Captain Bligh, Sep 4, 20:34:37
- should've gone to specsavers.. (General Chat) - Goosebumps, Sep 4, 20:06:41
- You, probably (n/m) (General Chat) - jamesward, Sep 4, 19:51:05
- 🤣🤣🤣 (n/m) (General Chat) - ghostof barry butler, Sep 4, 19:52:59
- Solicitors queuing up to say it wasn’t them (General Chat) - Old Git, Sep 4, 20:56:25
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