Rooney, Beckham and Lineker lose £700m Tax Case
Rooney, Beckham and Lineker lose £700m tax case
Wayne Rooney, David Beckham and Gary Lineker have lost a legal case over a £700 million tax bill.
The Manchester United star and former England internationals were among around 1,400 people who invested in a film financing scheme called Ingenious Media, with a large number of footballers said to have signed up.
Those investing in Ingenious had to put in at least £100,000 with the guarantee that they would be given tax breaks of 100% should any losses occur.
The scheme was investigated by Her Majesty’s Revenue and Customs (HMRC) and ruled to have taken advantage of reliefs by reporting artificial losses, insisting that only 30% was tax deductible.
That 2016 decision was upheld this week, as the illegitimate scheme is said to have avoided £420m of taxes and will have a further £280m added in interest.