The defendant (Teathers) promoted a series of unregulated collective investment schemes intended to take advantage of tax reliefs available on investments in TV productions. UK tax payers were entitled to write down 100% of any expenditure on a film or TV production certified as a British Qualifying Film. The schemes had not proved successful. Many of the productions were commercial failures and a number of them had not been certified as British Qualifying Films and were illegible for the tax relief that was the rationale behind the schemes. The claimants argued that money invested in th...
Continue reading "Trustees: Taking it personally"
The claimants were trustees of a Jersey property unit trust formed on 17 March 2006 as the vehicle for the purchase of warehouse premises (the property). It was arranged that the vendor of the property would transfer the property to the trustees in return for units, which would then be sold by the vendor to the purchasers. The purchasers were Cantabria Investments Limited (Cantabria) as to 99% of the units and Catalunya Investments Limited (a wholly owned subsidiary of Cantabria) as to 1%. Cantabria was partly owned by Glenmac Limited (Glenmac). Half of Glenmac’s share capital was ...