Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Andrew Lloyd Webber joins 500 Ingenious clients in £200m lawsuit

Andrew Lloyd Webber joins 500 Ingenious clients in £200m lawsuit

Andrew Lloyd Webber has joined around 500 former clients of Ingenious Media – including a series of high-flying bankers – to launch a lawsuit against the company's film investment scheme.

Patrick McKenna, chair of the company - which has been accused by lawyers for HMRC of running a tax avoidance scheme – told Bloomberg the claims were ‘without merit and will be vigorously defended’.

Both HMRC and Ingenious claimed victory in a four year court battle in 2016, following a decision which ruled in favour of parts of the tax relief claimed by the fund while disputing others. The legal process remains ongoing.  

Lloyd Webber, the star composer behind West End hits such as Phantom of the Opera and Cats, joined a series of sporting and show business celebrities to back a court action claiming that Ingenious’ promotional materials ‘made representations of fact which were false and which they had no reasonable grounds for believing were true’.

Lloyds head of credit trading Oliver Carter, former Barclays director Rob Dornton-Duff, former Credit Suisse managing director Simon Meadows and Goldman Sach trader Dermot Keane are reportedly among the City clients joining them.  

Stewarts Law head of tax litigation David Pickstone, who is representing the claimants, said they expect to recover around £200 million on behalf of around one in four original investors in the fund.

HMRC has aggressively challenged the use of film funding tax breaks in recent years, successfully arguing in a number of cases that they have been used as vehicles for tax avoidance.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: Altor's Towry graduates on launching a family business

Profile: Altor's Towry graduates on launching a family business

Altor Wealth Management was launched on of a shared vision to form a family-style company that would charge fairly and differently.

Wealth Manager on Twitter