×
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

  • Avengers: Endgame

    'Avengers: Endgame' First Reactions: 'Most Emotional, Most Epic MCU Film'

    The end is finally here. “Avengers: Endgame” had its world premiere Monday night at the Los Angeles Convention Center and reactions on social media from fans, journalists and critics are already pouring in. The reaction has so far been almost universally positive, with several commentors warning fans of the movie’s emotional elements. Brandon Davis wrote [...]

  • Josh Brolin, Kathryn Boyd. Josh Brolin,

    'Avengers: Endgame's' Josh Brolin: Thanos' Butt Is a 'Beautiful, Purple Peach'

    On the eve of “Avengers: Endgame’s” world premiere, everyone’s thoughts have turned to the one crucial detail that could be the difference between life or death for the Avengers: Does Thanos have a butt? “I don’t know what that whole thing is about! I really don’t!” Josh Brolin, who plays Thanos, told Variety‘s Marc Malkin [...]

  • Tessa Thompson'Avengers: Endgame' Film Premiere, Arrivals,

    'Avengers: Endgame's' Tessa Thompson Says Valkyrie Would Spoon Captain Marvel, Thor

    Tessa Thompson, who plays Valkyrie in the Marvel Cinematic Universe and upcoming “Avengers: Endgame,” had no problem addressing speculation about the character’s sexuality at the “Endgame” red carpet premiere Monday. The “Sorry to Bother You” actress explained that she played her Marvel character as bisexual. “In the canon, [Valkyrie] is bisexual. You see her with [...]

  • WGA Agency Packaging Fight Placeholder Writer

    Writers Guild Says Over 7,000 Members Have Fired Agents

    Over 7,000 members of the Writers Guild of America have fired their talent agents, the Hollywood union said on Monday. As promised, the guild delivered a first round of termination letters to agents in a show of support for the WGA’s full-on war with the Association of Talent Agents. “Today the Guild delivered a first [...]

  • BRAZILIAN FLAGFRENCH OPEN TENNIS, PARIS, FRANCE

    Brazil’s Ancine Freezes Incentives, Threatening Film-TV Industry Paralysis

    Brazil’s Ancine agency, its foremost public-sector source of film funding, has frozen all of its incentive programs, potentially near paralyzing new production in Latin America’s biggest film-TV industry. The dramatic decision, which has left Brazil’s industry is a state of shock and intense fear for its future, comes as it has taken further hits. In [...]

  • Jennifer Lopez

    Jennifer Lopez Reteams With STXfilms on Romantic-Comedy Co-Starring Owen Wilson

    Jennifer Lopez is reteaming with STXfilms on the upcoming romantic-comedy “Marry Me.” Kat Coiro is directing the film and Owen Wilson is in final negotiations to join the pic, which will likely shoot this fall. The script was written by John Rogers and Tami Sagher, with a rewrite by Harper Dill. Lopez and Wilson both [...]

  • Steve Golin The Revenant Spotlight Producer

    Steve Golin, Prolific Producer and Founder of Anonymous Content, Dies at 64

    Steve Golin, an Oscar-winning producer who was founder and CEO of Anonymous Content, died Sunday in Los Angeles of cancer. He was 64. Golin was a pioneer in blending the business of talent management with production. Anonymous Content, which Golin founded in 1999, worked with a stable of big name artists such as Steven Soderbergh, [...]

More From Our Brands

Access exclusive content