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UK Supreme Court to hear film tax avoidance case

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UK Supreme Court to hear film tax avoidance case

The U.K. SupremeCourt is set April 13 to examine a case involving Eclipse Film Partners 35, aninvestment vehicle that used the rights to Walt Disney Co. films to help generate tax breaks, The Daily Telegraph (London) reportedApril 12.

Eclipse 35 is reportedly challenging a 2012 decision by HMRevenue and Customs to deny £117 million of tax relief to almost 300 of itsmembers, who invested £50 million to secure the rights to Disney films "Enchanted"and "Underdog" in April 2007. The investment was supported by loansworth £790 million from a Barclays plc unit.

A tax tribunal ruled that Eclipse 35 was an "aggressiveavoidance scheme," a decision that the Court of Appeal supported in 2015.

Another case involving the Ingenious film partnerships,which used the rights to "Avatar" and "Vera Drake" to avoidtaxes, has also reached the Court of Appeal, according to the report.

In recent years, HMRC, the U.K. equivalent of the U.S.Internal Revenue Service, has been closely monitoring tax avoidance schemesthat use film rights.