HMRC AND UK FILM INDUSTRY INVESTMENT SCHEMES

Early day motion 1321, tabled 23 March 2016 by Greg Mulholland (Liberal Democrat). Signed by 3 members.

That this House notes with concern the issuing of follower notices and accelerated payment notices by HM Revenue and Customs (HMRC) following measures introduced in the Finance Act 2014; further notes that some of those being targeted invested in statutory government incentive schemes approved by the Government and HMRC; notes that HMRC are demanding payment without any right of appeal; adds that most of these schemes were not intended or marketed as tax avoidance schemes but as genuine investments in the UK film industry; notes that such schemes helped the British film industry increase from £1.7 billion in 1997 to £3.2 billion in 2008, doubling the number of films made over the period while 46,000 new jobs were created; notes that many investors lost money in the scheme and did not benefit financially; further raises concerns about the retrospective nature of these actions; and finally calls on the Government and HMRC to stop these actions and review the legislation to determine its fairness and legality.

Signatures by party: Liberal Democrat 2, Labour 1.