HMRC has been successful in challenging various film schemes and it is likely that once the settlement opportunity ceases, HMRC will push forward with litigation and/or Accelerated Payment Notices (APNs) to demand the tax HMRC considers is due and aggressively challenge any Judicial Review applications.
If you would like to consider your options for settling with HMRC, although there is no obligation to ultimately enter into any settlement, you need to register with HMRC before 11 February 2016. The settlement opportunity generally allows relief on the cash element of the investment less an amount for non-deductible fees. However, if HMRC are successful in litigating the investment, you may not be granted any tax relief.
We have considerable experience and knowledge in film schemes. We can help investors by providing an independent understanding of both your position and options to enable you to make a fully informed decision on how to proceed, including reviewing and making representations in relation to APNs and whether to settle with HMRC and exiting from the partnership investment.
Our team consists of a group of dedicated specialists, including several former HMRC Senior Inspectors and former members of Future Capital Partners and OneE Tax - two of the major tax boutiques who devised schemes which are now subject to HMRC investigation.
We would be delighted to have the opportunity to discuss your options with you, on a confidential basis. We offer an initial discussion on a no charge, no obligation basis.
If you consider a conversation would be of use, please call us on 020 7063 4639 or 0161 831 1312.