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 Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Play CIO Tapes: do investors have it as good as it gets?

CIO Tapes: do investors have it as good as it gets?

Citywire gathered three of the UK's leading fund investment heads to discuss what they fear and what makes them cheer about the year ahead

Read More
Your Business: Cover Star Club

Profile: Rathbone's Newcastle boss on the road to £1bn

Profile: Rathbone's Newcastle boss on the road to £1bn

Starting from zero assets on day one, Rathbone's Newcastle team now looks after just over £400 million in clients money

Wealth Manager on Twitter