Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/new-model-adviser/article/a644809
Torres faces £2m tax bill over Twilight film scheme
by William Robins on Dec 11, 2012 at 10:50
Footballer Fernando Torres could be hit with a £2 million tax bill for investing in a scheme that helped fund the Twilight films.
The Chelsea star invested in a scheme alongside Manchester City’s Carlos Tevez, who put in £50,000, operated by film investment business Scion, according to the Daily Mail.
It said Torres invested £1 million in two film schemes which borrowed £800,000 for every £200,000 put in by an investor.
The £1 million was used to invest in the films while loaned money was set aside to repay the bank.
The investor’s cash bought shares in the scheme. Investors claimed that because the shares became worthless they had lost £1 million. The loss was used to offset their income tax bills.
The paper said HM Revenue & Customs was looking at investors' tax returns.
News sponsored by:
Today's top headlines
Challenged by growing risk aversion?
Challenging financial markets over recent years have resulted in growing risk aversion among British savers and led many to seek safety in cash. Click here for more.
More about this article:
More from us
What others are saying
by New Model Adviser team on Dec 05, 2013 at 16:30