Estimated £100m ($145m) of tax repayments claimed through fraudulent film investment scheme.
Four UK film executives have been found guilty of operating a fraudulent film investment scheme that was used to claim an estimated £100m ($145m) of tax repayments.
The men were found guilty at Birmingham Crown Court after they were shown to have falsely claimed to have invested £275m ($400m) in feature films and used offshore companies to hide their activities, the Financial Times reported on Friday.
The four executives comprise former Little Wing Films partners Charles Savill and Keith Hayley; Robert Bevan, a former co-director at film sales company Salt; and Monaco-based accountant and corporate services provider Norman Leighton.
More than 275 investors contributed more than £76m ($110m) to the scheme, according to Hm Revenue & Customs. The scheme used tax breaks to attract investment from footballers, investment bankers and a pop star.
The men claimed to have spent more than £250m ($365m) on pre-production and development...
Four UK film executives have been found guilty of operating a fraudulent film investment scheme that was used to claim an estimated £100m ($145m) of tax repayments.
The men were found guilty at Birmingham Crown Court after they were shown to have falsely claimed to have invested £275m ($400m) in feature films and used offshore companies to hide their activities, the Financial Times reported on Friday.
The four executives comprise former Little Wing Films partners Charles Savill and Keith Hayley; Robert Bevan, a former co-director at film sales company Salt; and Monaco-based accountant and corporate services provider Norman Leighton.
More than 275 investors contributed more than £76m ($110m) to the scheme, according to Hm Revenue & Customs. The scheme used tax breaks to attract investment from footballers, investment bankers and a pop star.
The men claimed to have spent more than £250m ($365m) on pre-production and development...
- 6/7/2016
- by andreas.wiseman@screendaily.com (Andreas Wiseman)
- ScreenDaily
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