View the article online at http://citywire.co.uk/money/article/a598356
Adviser boss regrets getting involved in film scheme
Andrew Fisher, chief executive of Towry, an independent financial adviser, regrets investing in a film scheme which is under inquiry by HM Revenue & Customs.
Andrew Fisher, the chief executive of Towry, the independent financial advisory group, has said he regrets investing in a film scheme after it emerged it was under inquiry by HM Revenue & Customs (HMRC).
Fisher (pictured) is among a number of investors named in analysis of the members of 94 film and music schemes conducted by The Times. The paper said he was one of 12 people who invested £57 million in the scheme, which it did not name.
He told The Times: 'If I had known that the legitimacy of this investment was going to be questioned, I would not have entered into it.'
'To date, to the best of my knowledge, I have received no tax rebates or benefits from this investment.'
Towry manages £2.5 billion of assets, and it has been estimated Fisher could net £100 million from a flotation of the national adviser group.
The Times has examined the list of members of 55 schemes run by music rights firm Icebreaker, and 39 Eclipse LLPs run by Future Capital Partners.
Other investors it has named include former F&C Asset Management chief executive Alain Grisay, former athlete Colin Jackson, former England manager Terry Venables and TV presenter Gabby Logan.
The Times has also reported that 1,300 doctors and dentists are being investigated by HMRC amid suspicions they are guilty of tax evasion. It said that HMRC had clawed back £13.1 million from more than 2,000 medical staff, and that inquiries are to continue in 1,300 cases. Criminal investigations are being considered in 700 cases involving £3.1 million, it added.
The Times report is the latest in a series by the paper examining the tax arrangements of the UK's wealthy. Comedian Jimmy Carr has apologised after the paper revealed he sheltered £3.3 million in a scheme where investors expected to pay as little as 1.25% on their earnings. However, pop star Gary Barlow has remained silent after revelations that he and fellow Take That members invested at least £26 million in an Icebreaker music investment scheme that HMRC is trying to shut down. The paper has claimed that HMRC is investigating around 600 film schemes, and that it believes they represent a '£5 billion risk'.
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by Gavin Lumsden on Mar 07, 2014 at 18:53