http://www.mirror.co.uk/news/uk-news/manchester-united-liverpool-stars-could-4957592#rlabs=1 Manchester United and Liverpool stars could face £1BILLION bill after investment tax avoidance probe Jan 10, 2015 23:10 By Matthew Drake A Sunday Mirror investigation reveals Ingenious Film Partners, used by many footballers, qualified for tax breaks under rules designed to boost the UK’s film industry A Sunday Mirror investigation reveals Ingenious Film Partners, used by many footballers, qualified for tax breaks under rules designed to boost the UK’s film industry please log in to view this image Investigation: HMRC chiefs claim the schemes were designed to avoid tax More than 400 soccer stars who invested in making movies fear they could face amassive tax bill. The big-name Premier League players and managers could lose a total of up to £1billion. Liverpool ace Jordan Henderson and TV pundit Jamie Carragher are among those who sank fortunes into firms backing the UK film industry, believing they were legitimate investment deals. But some are now facing ruin after tax chiefs launched a crackdown, claiming the schemes were designed purely to avoid tax – and hoping to claw back huge unpaid sums. Two of the biggest firms selling the investments have now gone bust. And investment experts backing the footballers claim some advisers exploited the players’ “financial naivety and high incomes”. Rex please log in to view this image Creation: The Life of Pi was bankrolled by Ingenious Film Partners A Sunday Mirror probe reveals 420 Premier League players – including 176 retired stars – invested in film projects over the last 15 years, handing over an average £2.3million each. So-called “tax shelters” allow people to divert income into a side business rather than pay tax – with tax paid on that firm’s profits instead. A £1million investment would save £400,000 in income tax. There is no suggestion that any investor behaved illegally. But some unscrupulous investors shelter their cash in schemes that make no profit, later recouping their investment tax-free. Ingenious Film Partners, used by many footballers, qualified for tax breaks under rules designed to boost the UK’s film industry, helping to bankroll hit films such as Life of Pi, Hotel Rwanda and Avatar. They are fighting the HMRC at a tribunal that was adjourned last November – and say they are “confident” of success. A spokesman for Ingenious said: “The film partnerships run by Ingenious Media have already generated over £1billion in taxable income for the Treasury. “They helped get movies including The Best Exotic Marigold Hotel, The Girl with a Pearl Earring, Shaun of the Dead and Hot Fuzz to the screen and are clearly run for profit.” Top flight football stars and managers including Sir Alex Ferguson, Steven Gerrard, David Beckham and Match of the Day presenter Gary Lineker were attracted by what they believed were legitimate perks. FameFlynet please log in to view this image Proposition: Match of the Day presenter Gary was lured into the investment scheme They refute any suggestion that investment in the scheme was for tax avoidance. Our probe reveals Manchester United topped the list of clubs whose players made investments into a raft of schemes now being probed. They are followed by Everton, Liverpool, Manchester City and Chelsea, where past or present players diverted huge sums into the ventures. Several stars have already filed for bankruptcy after losing their savings. Two investment firms are now in liquidation. A third has had to undergo “restructuring”. Martin Taylor, head of client relations for Rebus Investment Solutions Limited, who are working to recoup losses, says many players now face financial ruin. He said: “We’ve seen the number of our clients with a footballing background rise significantly. “It is sad so many independent financial advisers appear to have exploited their clients.” Mr Taylor believes financial advisors are at fault for mis-selling the schemes, claiming some had taken advantage of players’ naivety to “foist upon them wholly inappropriate investments”. Representatives of the players either declined to comment or failed to return our calls.
No sympathy here for any of them us ordinary mugs struggle to pay our taxes while footballers earning a fortune can't be bothered. Would this be similar to the Rangers fiasco of a few seasons back I wonder?
Charlton have an owner that is as big a nutter as Cellino. If rumours are to be believed he is about to give the head coach job to a Belgian Hockawally. If this is true then millwall and us might yet be saved.
