A total of 129 top international footballers face a combined tax bill of £250 million following individual investments of as much as £33.5 million in a film scheme. HMRC are investigating the group of football stars who invested money into the tax avoidance scheme with a view to recouping unpaid taxes. Amongst the group are Premier League players from Manchester United and Liverpool, all of which funnelled their money into the scheme through Kingsbridge Asset Management.
It is reported by The Mirror that staff at Kingsbridge Asset Management received huge bonuses for securing payments into the tax avoidance scheme. HMRC is now attempting to recoup as much as 70% of the amounts invested by the 129 footballers involved who were looking to reduce the tax liability of their Premier League salaries.
Alongside the footballers, the scheme also attracted interest from other celebrities and business people looking to take advantage of the tax relief advertised by the financial management company. Schemes of this nature became popular from 2000 when the Labour government supported the British film industry with tax breaks. Experts suggest this highlights HMRC's continued crackdown on tax avoidance and their continued focus on recouping unpaid tax along with interest and fines.
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