Eclipse film investors face financial ruin for UK tax dodging

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Source: bbc.co.uk 19 November 2016

HMRC is pursuing investors in the Eclipse scheme, including celebrities, financiers and sports stars, for up to 20 times their original investment.

BBC business correspondent Joe Lynam said that to make a £1m investment, an Eclipse partner might contribute only £20,000 of their own money and borrow the rest.

“The tax relief on the whole amount would have been up to £400,000, or 20 times what they had risked. Here, HMRC may seek to recover the full £400,000,” he said.

Source article here

 

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