Friday 28 October 2016

Martin O'Neill, Robbie Keane and John O'Shea facing large tax bills over film finance deals

Published 10/08/2016 | 08:40

Ireland manager Martin O'Neill and John O'Shea during a press conference
Ireland manager Martin O'Neill and John O'Shea during a press conference

A number of Irish soccer stars including manager Martin O'Neill, John O'Shea, and Robbie Keane are amongst a raft of big names that could be facing large tax bills after UK tax authorities won a landmark £1.6bn case, which related to investments in 66 films, it has been reported.

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The aforementioned trio are amongst hundreds of celebrities affected by the case, which surrounds investments in disputed film finance deals, according to a report in The Irish Times.

Former Irish internationals Clinton Morrison, Denis Irwin and David O'Leary are also all said to be affected.

The legal case centres on investments made over the past 13 years in film finance partnerships. The partnerships were set up by UK firm Ingenious Media.

Some 66 films were funded as part of the investments with hit movies such as Die Hard 4 and Shaun of the Dead included.

The paper reports the celebrities would invest into the deals through one off payments. The money they invested would then be sent to Hollywood or various producers for the making of the films.

The investment would then be viewed as a loss in the accounts of the partnerships, which would be then allocated to the original investor. The loss, now attributed to the celebrity, would then be used to offset tax that may be owed on different sources of income such as their wages.

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