Have you received either a telephone call or a letter offering settlement in respect of a film tax partnership from HMRC?
What should you do now?
Doubtless you will have seen all the publicity over the last 18 months or so about these tax partnership schemes. Whether it is tax tribunal decisions concerning Ingenious Media, Eclipse Film Partners 35, Patrick Degorce or even the recent prosecution which resulted in five criminal convictions relating to a movie that was never made (Landscapes of Lives)
You will know that HMRC are looking at all film partnership schemes set up in 2003/4 and 2005/06. They will gradually make their way through all schemes set up over the years, and they have a clear view that these schemes have been set up for the purposes of tax avoidance.
We are currently advising investors facing such difficulties; we work with leading tax counsel and specialist tax accountants and can give multi disciplinary advice.
Please see our full update on HMRC and Film Tax Partnerships here, together with contact details for our solicitors.
