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SBD Global/July 9, 2014/Finance

Ingenious Media Tells Investors Including David Beckham They Face Tax Crackdown

A string of business leaders, sports stars, entertainers and other investors "were told on Monday to prepare for tax demands" totalling at least £520M ($891M), in a crackdown by U.K. tax authority HMRC, according to Vanessa Houlder of the FINANCIAL TIMES. Ingenious Media, an investment company, "issued a warning to 1,300 past and present investors," who include Dame Clara Furse of the Bank of England’s Financial Policy Committee, financier and former media boss Lord Hollick, and sports stars such as David Beckham. The investors are caught up in a £7B ($12B) Treasury "crackdown that will force taxpayers to make immediate payments of disputed tax bills relating to investments in alleged tax avoidance schemes over the past decade." Ingenious told its clients that "they are likely to be asked to repay all the tax they saved, possibly with interest." Bills "ranging from tens of thousands to millions of pounds will be issued, possibly before the end of the month" (FT, 7/7).
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