Hundreds of
celebrities claim they face bankruptcy after officials demanded repayments of
up to 20 times the amount invested in a tax avoidance scheme.
Former
Manchester United boss Sir Alex Ferguson and ex-England managers Sven-Göran
Eriksson and Glenn Hoddle are among 780 investors who paid £2.2billion into
Eclipse.
Despite the
claims, there is no evidence any of the named investors are in financial
difficulties nor any suggestion that they knew how the scheme was managed.
The Times
newspaper reports that the scheme worked through a complex process involving
buying and renting back Hollywood blockbusters
to studios.
An investor
placing £200,000 in one scheme, for example, is expected to face a tax bill of
between £2million and £4million on the income. They would have 90 days to pay
it back.
Investors
in Eclipse Film Partners No 35 LLP collectively bought rights to Disney films
Enchanted and Underdog before sub-leasing them back in a deal with the studio.
Other
people named in the report include ex-Newcastle United footballer Nolberto
Solano and ex-Sainsbury's chairman Sir Peter Davis.
Adviser Nick
Wood, who represents Eclipse users, claimed that of those involved, up to 700
would go bankrupt.
He added:
“I think there will be people potentially jumping off bridges.”
Eclipse is
expected to seek a judicial review of the HMRC decision. There is no suggestion
the schemes are illegal.
Source:
Mirror.co.uk
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