You will be redirected back to your article in seconds

U.K. film finance probe

Ingenious Media fund allegedly exploits tax loophole

British industryites, including helmer Guy Ritchie, Peter Gabriel and presenter Anne Robinson, have been caught up in a probe into an alleged tax-avoidance scheme involving finance company Ingenious Media.

They invested money, reportedly between £160,000 and £1.4 million ($251,107 and $2.2 million) into a fund that allegedly exploited a legal loophole giving undue tax benefits to those backing the film industry, according to a report in the U.K.’s Mail on Sunday.

Some investors have already received tax demands for tens of thousands of pounds, per the newspaper report.

Under a policy set up by British Prime Minister Gordon Brown when he was finance minister, investors could slash their tax bills if they backed the film industry.

However, the U.K.’s Inland Revenue believes that a fund run by Ingenious Media was aimed at avoiding tax and not bolstering the film industry, so was against the rules. Such schemes have since been outlawed.

Founded by chairman Patrick McKenna, Ingenious Media has raised about $7.8 billion to put into films over the past decade, including “Avatar.”

McKenna has told investors that he believes the Inland Revenue’s interpretation of the issue is wrong.

More Film

  • ‘Guilty Men’ Sweeps Colombia's 6th Macondo

    ‘Guilty Men’ Sweeps Colombia's 6th Macondo Awards

    British industryites, including helmer Guy Ritchie, Peter Gabriel and presenter Anne Robinson, have been caught up in a probe into an alleged tax-avoidance scheme involving finance company Ingenious Media. They invested money, reportedly between £160,000 and £1.4 million ($251,107 and $2.2 million) into a fund that allegedly exploited a legal loophole giving undue tax benefits […]

  • Madrid’s ECAM Pacts With Torino, Rotterdam

    ECAM Pacts with Torino, Rotterdam on First Incubator Projects

    British industryites, including helmer Guy Ritchie, Peter Gabriel and presenter Anne Robinson, have been caught up in a probe into an alleged tax-avoidance scheme involving finance company Ingenious Media. They invested money, reportedly between £160,000 and £1.4 million ($251,107 and $2.2 million) into a fund that allegedly exploited a legal loophole giving undue tax benefits […]

  • Andrew DuncanMomentum Pictures with The Cinema

    'Florida Project' Producer Steps Down Amid Harassment Claims

    British industryites, including helmer Guy Ritchie, Peter Gabriel and presenter Anne Robinson, have been caught up in a probe into an alleged tax-avoidance scheme involving finance company Ingenious Media. They invested money, reportedly between £160,000 and £1.4 million ($251,107 and $2.2 million) into a fund that allegedly exploited a legal loophole giving undue tax benefits […]

  • 'Antiporno' Review

    Film Review: 'Antiporno'

    British industryites, including helmer Guy Ritchie, Peter Gabriel and presenter Anne Robinson, have been caught up in a probe into an alleged tax-avoidance scheme involving finance company Ingenious Media. They invested money, reportedly between £160,000 and £1.4 million ($251,107 and $2.2 million) into a fund that allegedly exploited a legal loophole giving undue tax benefits […]

  • Nicholas Hoult Current War

    Film News Roundup: Shooting Wraps on Nicholas Hoult's 'Tolkien' Biopic

    British industryites, including helmer Guy Ritchie, Peter Gabriel and presenter Anne Robinson, have been caught up in a probe into an alleged tax-avoidance scheme involving finance company Ingenious Media. They invested money, reportedly between £160,000 and £1.4 million ($251,107 and $2.2 million) into a fund that allegedly exploited a legal loophole giving undue tax benefits […]

  • Disney-Fox Deal Casts Future of Fox

    Disney-Fox Deal Casts Future of Fox Studio Lot Into Doubt

    British industryites, including helmer Guy Ritchie, Peter Gabriel and presenter Anne Robinson, have been caught up in a probe into an alleged tax-avoidance scheme involving finance company Ingenious Media. They invested money, reportedly between £160,000 and £1.4 million ($251,107 and $2.2 million) into a fund that allegedly exploited a legal loophole giving undue tax benefits […]

  • Loveless Movie Wild Bunch

    Oscars: Nine Films Advance in Foreign-Language Race

    British industryites, including helmer Guy Ritchie, Peter Gabriel and presenter Anne Robinson, have been caught up in a probe into an alleged tax-avoidance scheme involving finance company Ingenious Media. They invested money, reportedly between £160,000 and £1.4 million ($251,107 and $2.2 million) into a fund that allegedly exploited a legal loophole giving undue tax benefits […]

More From Our Brands

Access exclusive content