Friday, March 1, 2013

Top hedge fund manager blows $29 million tax case

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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