Crackdown on film trading partnerships

Crackdown On Film Trading Partnerships

IT has been estimated that possibly millions of pounds in finance could be lost before the end of this tax year (which ends early next month) after the Government announced changes to current tax schemes.

Changes to the law made by the Treasury will affect GAAP (Generally Accepted Accounting Principles) schemes.

GAAP projects are tax havens for rich individuals and an estimated 5,000 wealthy investors who have put money into partnerships that invest in enterprises, such as film, are expected to make losses.

For full details of the tax changes, visit: www.hmrc.gov.uk/briefs/brief1807.htm