United Kingdom: settlement opportunity for Film Production PartnershipsJanuary 30, 2013
HM Revenue & Customs (HMRC) announced previously that it will offer to individuals, companies and partnerships that have entered into specific tax avoidance schemes, the opportunity to finalize their tax position and settle their tax liabilities by agreement, without recourse to litigation.
On 17 January 2013, HMRC published the terms of the settlement opportunity open to individuals taking part in Film Production Partnership schemes.
Under the terms of the settlement, loss relief will be allowed up to the amount of the initial cash contribution, less any element expended on unallowable fees, i.e., fees spent on tax advice.
Any share of income attributable to the cash element of expenditure will be fully taxable.
HMRC will publish the details of the opportunity available for other eligible schemes as they become available.
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