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Can you exit your Film Scheme without being taxed?



The answer is ….. quite possibly.


Where clients have succeeded in claiming film-related losses, there are exit provisions taxing them if they receive a capital sum for “getting out”.


However, all is not lost.  These exit provisions provide for a charge which depends on there being a ‘trade’.   Recent cases Eclipse Film Partners (No 35) LLP v HMRC [2015] STC 1429 and Samarkand Film Partnerships No 3 v HMRC [2017] STC 226 establish that ordinary film leasing is not a trade. Thus, exits are possible.


There are other relevant provisions, but these can be dealt with.


Contact us at info@bellhowley.com to explore the options available for you and your film-scheme clients.

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