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View the article online at http://citywire.co.uk/wealth-manager/article/a644809

Fernando Torres faces £2m tax bill over Twilight film scheme

by William Robins on Dec 11, 2012 at 11:02

Fernando Torres faces £2m tax bill over Twilight film scheme

Footballer Fernando Torres (pictured) 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.

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