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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