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January Transfer Window 2015

RobbieOR

By RobbieOR,
in FF - Football Forum

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matt1983
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As if we haven't shat the bed enough this season...

Jairzinho
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- We couldn't attract any of those players. - None of those players are good enough. - They were all playing for clubs where there is no pressure. - They all want to move to London. - If we'd sign

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magicrat Grand Master

magicrat

Posted
Posted

This transfer deadline day is shit. Sky should up there fucking game. Get a live feed on Les Ferdinand smashing up the blue Peter garden because Spurs haven't signed a left back on loan or something. Disappointed.

Rubbish , who wasn't enthralled by Zaha's interview ? Insightful stuff from the young fella and not just there to fill up 3 minutes of pointless airtime

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RoboRiise Grand Master

RoboRiise

Posted
Posted

I did use the words moral and not legal if you see my later post.

 

As we all know the likes of Gerrard, Carragher and the Bayern man do not do their own accounts/planning or have very little to do with the day to day running of their wealth.

 

They have people who do whatever as a paid service.

 

Even though the individual will rightly be held liable should laws change retrospectively or they be at fault in whatever capacity.

 

I'm pretty sure Carragher and Gerrard got caught up in something to do with films. I am sure as it is your field you are more clued up on it.

 

It's a personal choice some wealthy people choose to pay less tax by seeking out schemes others do not.

 

Fair comment regarding your later post which I hadn't seen.

 

Regarding the film angle, there have been quite a few disclosed and undisclosed avoidance schemes relating to film production.

 

Essentially the UK government decided years back to provide tax relief on investments in UK film production as a way to make the industry attractive as an investment option, thereby helping UK film producers and distributors.  As is the case with any such provision, there were people who used it in the way that it was intended, as the growth of the industry from that time shows.  Equally there were people who attempted to exploit those provisions in order to minimise their personal tax liability.  There always will be when such arrangements are made, it's the nature of the beast.

 

The worst of the avoidance schemes around film relief (and again this is pretty normal for any tax avoidance scheme) were the ones where there was effectively no real investment at all to begin with (and indeed often no actual film production) with the 'investment' coming in the form of loans which only existed on paper.  These loans would then be invested in a production company which would subsequently declare huge losses, allowing a large tax offset againt the individual's general income.

 

The one you're referring to, Ingenious Media/Inside Track Productions, which does apparently include Gerrard amongst its investors, is still being considered and it has in no way been proved to be an avoidance scheme at this time; it's going through tribunal and the ruling won't be out until later this year.  As far as I'm aware there's no suggestion that the base investments in Ingenious weren't 'real' and the company is certainly a legitimate film partnership (amongst others, it provided funding for Avatar) rather the case centres around the extent to which any legitimate investment (and therefore relief) was inflated by loans.

 

Gerrard apparently could have benefited from tax relief of around £385,000 from the scheme, although there's also no actual confirmation that he claimed any or all of that relief - the figure comes from the accounts of the company, not his personal tax returns which are protected (rightly) by the same legal instruments that protect my own tax affairs.

 

We won't know what the outcome of the tribunal is for a while yet and as you said, a common factor in virtually all of these schemes is that the individual's accountants tend to be the prime drivers of the investment - the individuals (rightly) accepting that they don't have the knowledge to be able to manage their own financial affairs pay professionals to do so and sadly there's a wide spectrum when it comes to the candour with which those professionals explain the legality and morality of the arrangements, so even if the tribunal finds in HMRCs favour, it doesn't necessarily equate to any named individual doing the moustache-twirling and hand rubbing that many will probaby associate with such a verdict.

 

Obviously I do have a personal opinion on this stuff, but although I know it will be hard to believe, I'm professional enough not to express it here.  Everything above is purely factual and could be found with a little research by anybody so don't interpret this post as me giving the 'inside track' on anything.  It's also not the aspect of taxation that I deal with other than in the loosest sense (I do deal with personal income tax but not specifically avoidance schemes and the policing of them - if I did, I wouldn't even have posted this.)*

 

 

*Yes, that's a blatant disclaimer...

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