celebs used tax breaks from shipwreck salvage

Added 8th October 2012

Celebrities and some of Britain’s most senior businessmen invested more than £110m into marine treasure hunts, which allowed them to avoid tax on millions of pounds, according to The Times newspaper.

celebs used tax breaks from shipwreck salvage

Bear Grylls, the TV adventurer and Chief Scout, David Harding, one of the City of London’s  highest earners, and Stephen and Julie Pankhurst, the co-founders of website Friends Reunited, are among 129 people who invested in 18 shipwreck salvage companies offering tax breaks now under investigation by HMRC. 

Section 131 of the Income Tax Act 2007 was designed to encourage investment in high-risk companies. It allows investors to claim tax relief on losses. So if a higher-rate tax payer lost £30,000 in a year on the investment, they could claim tax relief on that amount.
 

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Mark Battersby

Editor, International Adviser

International Adviser

Mark Battersby is editor of International Adviser. He is also programme director for International Adviser events in strategic expat locations around the world, and its flagship FundLinks conference in London. Mark joined Last Word Media in February 2012, having previously worked at Citywire, Interactive Investor International, and FT Business.

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