Friday 24 November 2017

BoI blocks Hollywood movie tax scheme

BANK of Ireland is reportedly blocking the restructuring of a suspected tax-avoidance scheme amid fears that it would harm the bank's reputation.

Members of the Eclipse film partnerships in the UK, which involve investments in movies in return for tax relief, want to leave the schemes amid fears that a recently imposed tax-relief cap would limit the amount they get back.

'The Times' reported that BoI had refused to co-operate with the restructuring.

A spokeswoman for the bank declined to comment.

The schemes involve hundreds of wealthy investors, including former Manchester United boss Alex Ferguson, who allegedly took out loans to buy the rights to Hollywood movies.

The paper reported that some want to leave the partnership and BoI has refused to co-operate as it fears it will be seen as helping people to avoid tax.

Barclay's Bank also said it would not participate in transactions that breached its "tax principles".

Irish Independent

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