Tainted tax firm used by celebrities hit with £50m bill from HMRC
A tainted tax firm used by celebrities has been hit with a £50 million bill from HMRC.
Ingenious Media helped its wealthy clients slash their bills using tax breaks for investors in the British film industry.
Tax is taxing: Ingenious Media helped its wealthy clients slash their bills using tax breaks for investors in the British film industry
But the firm – which has worked for the likes of David Beckham and composer Andrew Lloyd-Webber – has been accused by HMRC of breaking the rules.
In its latest set of accounts, Ingenious revealed it is fighting two tax demands for £47.3 million plus interest.
The firm claims that the size of the bill is based on a flawed tax tribunal decision.
It is appealing and the case will be reheard at the upper tribunal in March.