| Danny Murphy on 11:27 - Sep 3 with 1128 views | SaintNick |
There were a lot of stuff around 20 years ago which looked good on paper and turned out to be bad adice.
Hence back then footballers and other millionaires would invest in Films and you would see the likes of Rio Ferdinand listed as Executive Producers on a lot of low budget films.
The HMRC took this to court and won, costing those who invested a lot of money |  |
| Satisfying The Bloodlust Of The Masses In Peacetime |
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| Danny Murphy on 13:44 - Sep 3 with 1044 views | solent_toffee |
Can we not start a go fund me to help get Murphy his money back?
Anything to keep the smarmy Kopite goblin fist from appearing on MOTD. |  | | |
| Danny Murphy on 15:21 - Sep 3 with 973 views | GRIM |
I watched that documentary last night about the Pro Footballers being victims of fraud, but not enough evidence to charge the two sharks that did it.
Shame to see that the Wallace brothers were caught up in it, that family haven't had much luck with poor Danny suffering MS. [Post edited 3 Sep 15:43]
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| Danny Murphy on 16:38 - Sep 3 with 924 views | Chesham_Saint |
| Danny Murphy on 15:21 - Sep 3 by GRIM |
I watched that documentary last night about the Pro Footballers being victims of fraud, but not enough evidence to charge the two sharks that did it.
Shame to see that the Wallace brothers were caught up in it, that family haven't had much luck with poor Danny suffering MS. [Post edited 3 Sep 15:43]
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I was thinking that too, Grim. Danny's MS and this following the abuse they seemingly received from that Higgins git. You wouldn't wish it on your worst enemy. |  |
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| Danny Murphy on 11:48 - Sep 4 with 544 views | saint901 |
The pair of "advisers" from Kingsbridge were far from the only ones involved.
As to "charging" them - with what?
There are plenty of rules for financial and investment advisers around adequate risk warnings being issued, suitability, management etc. These are mainly concerned with the giving of partial or negligent advice and can be traced back to the regulation forced upon them by the FCA/FSA who basically underwrite advisory firms.
There is no such regulatory body for matters involving an opinion on tax. HMRC does not and will never "approve" schemes (although this was often claimed) and certainly does not police schemes, pre execution. They will not give you an opinion pre execution either.
So a QC/KC opinion is no better and no worse than Dave down the pub. | | | |
| Danny Murphy on 11:59 - Sep 4 with 536 views | Chesham_Saint |
| Danny Murphy on 11:48 - Sep 4 by saint901 |
The pair of "advisers" from Kingsbridge were far from the only ones involved.
As to "charging" them - with what?
There are plenty of rules for financial and investment advisers around adequate risk warnings being issued, suitability, management etc. These are mainly concerned with the giving of partial or negligent advice and can be traced back to the regulation forced upon them by the FCA/FSA who basically underwrite advisory firms.
There is no such regulatory body for matters involving an opinion on tax. HMRC does not and will never "approve" schemes (although this was often claimed) and certainly does not police schemes, pre execution. They will not give you an opinion pre execution either.
So a QC/KC opinion is no better and no worse than Dave down the pub. |
Not quite sure that's 100% accurate 901. HMRC will approve share option schemes in advance for example, hence there are 'approved' and 'unapproved' schemes- although I appreciate that the footballers were caught up in an entirely different sort of scheme. | |
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| Danny Murphy on 14:42 - Sep 4 with 498 views | saint901 |
Agreed that there are some instances in which is it a requirement (or advisable) to seek HMRC approval.
A share option scheme approval is for the scheme to issue shares/options etc. It will not extend to questions of the worth of shares/options transferred which is where the arguments with HMRC begin.
Certain types of company merger or incorporation of partnerships and sole traders into companies can also apply for clearance with HMRC. Some issues around receipt of foreign dividends and income as well.
All of these require the complete and full disclosure of all relevant information.
The sort of film scheme we saw with V11 (and literally thousands of others some with names you'll recognise, one who was recently knighted) relied for its effectiveness (i.e. a tax repayment made by HMRC without checking whether it was due under their "pay now, check later" policy) on not fully disclosing all the cash flows or connections. | | | |
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