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Towry's Fisher named in Times tax investigation
by Daniel Grote on Jun 22, 2012 at 07:50
Towry chief executive Andrew Fisher 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 £56.9 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.
Others 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 paper said that Grisay declined to comment on his investment in two Eclipse schemes.
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 investment schemes, and that it believes they represent a '£5 billion risk'.
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