The Sunday Times has recently published a number of articles regarding tax and investment advice schemes recommended to footballers by their independent financial advisors (IFA’s) as part of a continuing wealth management
advice service. berg recently published an
article regarding the Sunday Times’ previous story on film investment tax schemes and property investments.
In the second part of a continuing theme,
The Sunday Times reported (22 November 2015) how Football Managers have also been sold (by the same IFA’s) similar film investment tax mitigation products and speculative property investment schemes.
The failure of such tax mitigation products to be considered as genuine schemes means that HMRC can make demands of the footballers and managers for payment of the tax that they saved. This is done by HMRC issuing Accelerated
Payment Notices (“APN”). Such notices require payment to be made within 90 days of the notice. Payment is made despite the tax scheme still being challenged by HMRC through the Tribunal. A similar case involving footballers from Rangers FC has also been
the subject of media interest and
recent comment by berg.
The Sunday Times notes that the tax schemes sold to England players and managers plus other premier league footballers, has left footballers and managers with tax bills that may result in their insolvency.
In our previous article on this related story,
berg have also commented on the concerns surrounding the nature, suitability and transparency of the various overseas property investments recommended by these IFA’s.
latest article from The Sunday Times quotes berg: “The Sunday Times investigation supports our continuing concerns around the general sales culture of IFAs in relation to financial products and services, including tax schemes.”
For more information about any of the above or for practical advice on this or any other aspect of banking and financial disputes, please contact our Banking & Financial Regulation Team on 0161 829 2599 or email email@example.com
(The information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by berg or any of its partners or employees. Professional legal advice
should be obtained before taking, or refraining from taking, any action as a result of this article.)