HMRC AND UK FILM INDUSTRY INVESTMENT SCHEMES

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.