HMRC wins £117m court clash with film partnership
A film partnership looking to claim large tax reliefs is blocked in the courts by HMRC
HM REVENUE & CUSTOMS has won a court case to prevent a complex investment partnership from claiming £117m in tax reliefs.
The partnership, Eclipse 35, involved Manchester United boss Sir Alex Ferguson and former England and Leicester City manager Sven-Göran Eriksson and was looking to claim tax relief on a £1bn film deal with Disney, according to The Times.
Had the deal been successful, the 289 investors in the scheme would have received approximately £400,000 in reliefs on a personal investment of £173,000.
It is believed the implications of the case could be far-reaching for other film investment schemes as well as others designed to achieve large tax reliefs.
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