Reuters reports that a prominent London hedge fund manager
has failed in his attempt to shelter 19 million pounds ($29 million) of profits
from taxes through the use of an avoidance scheme, the UK tax authority said on
Friday, as it steps up a government-backed crackdown on such schemes.
Patrick Degorce, chief investment officer at hedge fund
Theleme Partners, availed himself of a scheme marketed by film finance group
Goldcrest Pictures Limited, which involved buying and selling movie rights via
a British Virgin Islands entity. The transactions created losses which Degorce
sought to offset against 18.8 million pounds of profits from his hedge fund,
Her Majesty's Revenue and Customs (HMRC) said.
But a Tax Tribunal has now ruled that Degorce could not
reduce his taxable income in this way….
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