Monday, March 4, 2013

Hedge fund boss must cough up millions in tax

Pity the poor rich..  One of London's most successful hedge fund managers, Patrick Degorce, has been forced to part with millions of pounds in tax after Revenue and Customs persuaded the courts to throw out a complex film financing investment which sought to shelter earnings of almost £19m.

The discredited scheme was marketed to the Kensington-based fund manager, best known for co-founding the Children's Investment Fund with Chris Hohn, by financiers from Goldcrest Pictures. Goldcrest was behind films such as Gandhi, The Killing Fields, Chariots of Fire and A Room with a View.

The treasury minister David Gauke said the Goldcrest structure was a "dubious avoidance scheme" and that HMRC was getting increased powers and resources to clamp down on such activities….

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