Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

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

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Biotech Growth: we will ride out this storm

Biotech Growth: we will ride out this storm

Geoffrey Hsu of Biotech Growth Trust says the sell-off in biotechnology stocks represents a buying opportunity for long-term investors.

Play Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

This week Brewin Dolphin's head of research talks to Mike Riddell, fund manager at Allianz Global Investors, about the forces driving bonds markets in a tumultuous week for markets.

Your Business: Cover Star Club

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

In a buyers’ market for off-the-peg discretionary management, self-funded start-ups begin at an inherent disadvantage

Wealth Manager on Twitter