If there are any footballers still keen to invest in the glamour of a film fund to reduce their UK tax bill, they may find it harder (but possible nonetheless) to find a lawyer willing to advise on the pitfalls.
Guidance is expected next week on government plans to enhance an crackdown on what the taxman deems to be aggressive avoidance schemes. Several hundred footballers last year fell foul of Revenue & Customs’ targeting of film funds, with the Manchester United and England talisman Wayne Rooney reportedly taking a tax hit of £3.5 million.
Kelly Stricklin-Coutinho comments that “So long as some taxpayers continue to regard aggressive tax planning as nothing more than a commercial risk there is likely to remain a small cohort of tax advisers willing to advise”.
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