“Investors lose appeal over film tax avoidance scheme”

May 9, 2023 | Tax

I remember these sorts of schemes being heavily promoted to us as financial advisers a few years ago. The idea was that you could help the film industry, get a little of the glamour of being a movie financier and it would all be tax-free and bring down your tax bill into the bargain. My mantra on these things have always been that if it looks too good to be true, it probably is; and if I don’t understand it (what the heck is ‘sideways relief’ when it’s at home?), I shouldn’t be recommending it. So I didn’t. I know a few clients who were tempted and had a go themselves, but had the sense to realise it was a gamble which might not (and didn’t) pay off, in both cases because the films were never made. Many advisers working in the ‘high net worth’ market, however, did try to be, in my opinion, rather too clever, and it seems both they and their now not so high net worth clients may have caught a nasty cold. Caveat Emptor.

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“More than a third of pots non-advised when entering drawdown”

“More than a third of pots non-advised when entering drawdown”

Three headlines this week which should give rise to at least a bit of concern amongst the adviser community. More than should be are taking money, taxable as well as tax-free, from their pensions without taking advice; which might be fine, but how it’s done can have a big effect on both tax and what might be left for the future.