ian1964 10,761 Posted November 23, 2015 Share Posted November 23, 2015 Football bosses face £20m loss over film and property investments By Jun Merrett 23 Nov, 2015 at 08:35 A number of football bosses are facing big tax bills after investing in film and property schemes recommended by two financial advisers who hit the headlines earlier this month over their advice for a raft of Premier League football stars. Martin O’Neill, the Republic of Ireland manager, Steve McClaren, Newcastle head coach, Stuart Pearce, former Nottingham Forest manager and Howard Wilkinson, ex-director of Sheffield Wednesday are among investors in film schemes being challenged by HM Revenue & Customs (HMRC) according to the Sunday Times. If HMRC wins its fight to prove the schemes are tax avoidances ones, the investors could face paying back millions of pounds. According to the Sunday Times, the bosses were advised by Nottingham-based IFAs David McKee and Kevin McMenamin through their firm Kingsbridge Asset Management. The two IFAs had found themselves at the heart of a story on a raft of former Premier League footballers facing a combined £100 million loss after investing in film and property schemes recommended by them. Reports said the two IFAs advised around 100 players, including Martin Keown, Danny Murphy and Andy Cole to invest in schemes which have since come under a HMRC crackdown. To read more about the advisers behind the headlines click here. The Sunday Times reported McKee and McMenamin made more than £1 million in commission on the managers’ investments over four years. Stuart Cotton, a former HMRC tax inspector, who runs an investor help website, put the managers’ losses at up to £20 million. He told the Sunday Times: ‘It is clear that the advisers’ repeated failure to grasp the consequences rendered much of their advice inept and many of the products were highly inappropriate and mis-sold.’ According to the Sunday Times, McKee and McMenamin deny allegations of mis-selling and said they warned clients about the risk ‘without exception’. They told the Sunday Times their clients were ‘always advised of the suitability and risks…and were advised that such investments needed to be part of a balanced portfolio.’ http://citywire.co.uk/new-model-adviser/news/football-bosses-face-20m-loss-over-film-and-property-investments/a861909?re=37245&ea=260513&utm_source=BulkEmail_NMA_Daily_EAM&utm_medium=BulkEmail_NMA_Daily_EAM&utm_campaign=BulkEmail_NMA_Daily_EAM 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,761 Posted November 23, 2015 Author Share Posted November 23, 2015 You would think there was a good BBC documentary in this story! 0 Quote Link to post Share on other sites More sharing options...
JobearGer 0 Posted November 23, 2015 Share Posted November 23, 2015 Said it all along, too similar to EBT's for HMRC not to scrutinise and have Clubs using these schemes, punished exponentially, with maybe some a Title stripping thrown in. Oh how I would laugh 0 Quote Link to post Share on other sites More sharing options...
compo 7,217 Posted November 23, 2015 Share Posted November 23, 2015 Don't know why they just don't pay their taxes like the rest of us 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,742 Posted November 23, 2015 Share Posted November 23, 2015 You would think there was a good BBC documentary in this story! There will be one. Daly's doing his research as we speak... 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,808 Posted November 24, 2015 Share Posted November 24, 2015 ... it is rather disappointing that folk like Roddy Forsyth don't mention this when going on about "our" EBT stuff. Even though he does this more level-headed than most others. 0 Quote Link to post Share on other sites More sharing options...
barca72 440 Posted November 24, 2015 Share Posted November 24, 2015 MON came out about a week ago and said Rangers should not be stripped of titles. Wonder why? 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,742 Posted November 24, 2015 Share Posted November 24, 2015 Was O'Neils 'investment' paid into the tax avoidance scheme by himself or the club? 0 Quote Link to post Share on other sites More sharing options...
calscot 0 Posted November 24, 2015 Share Posted November 24, 2015 There is a strange silence from all those closet tax fascists - not one mention of hospitals or flack jackets... 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted November 24, 2015 Share Posted November 24, 2015 Was O'Neils 'investment' paid into the tax avoidance scheme by himself or the club? This is a point which I think has been missed with the players investment schemes, and one which I don't think defends OUR position. It is almost certainly the case that the players paid into their movie schemes themselves and claimed the tax deduction. It is a crucial difference, the one between whether the Club paid it in or the players paid it in. IMHO. 0 Quote Link to post Share on other sites More sharing options...
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