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Press watch: Footballers face losses of £100m after film scheme investments:

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The Sunday Times (8 November) reports that leaked documents have revealed that more than 100 high-profile footballers could ‘face losses totalling an estimated £100m, with some confronting potential ruin, after investing in film schemes and property ventures’. They were advised by David McKee and Kevin McMenamin of Kingsbridge Asset Management, who earned more than £5m in commission on the investments. HMRC has since challenged the legitimacy of the film schemes. Some of the big-name footballers involved include former Arsenal and Everton striker Kevin Campbell; former England and Manchester United stars Rio Ferdinand and Andy Cole; and BBC ‘Match of the Day’ pundits Danny Murphy, Martin Keown and Robbie Savage.

However tax barrister Jolyon Maugham, who is lead counsel in the forthcoming Eclipse 35 film scheme tax appeal in the Supreme Court, argued on his blog that ‘the real fault’ lay not with footballers or IFAs, but with members of his own profession. He said: ‘To focus on two financial advisers is to miss the broader story. Tax barristers got rich through devising these schemes – and are not being held to account … the promoters who devised these schemes may have made £100m from a single idea. Although many of them may have been wound up, the individuals who ran them will have walked away with fortunes.’

Issue: 1285
Categories: News