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Football stars Wayne Rooney (pictured), David Beckham and Garry Lineker face stumping up for their share of a £480 million tax bill after losing a legal appeal for tax relief on a film investment scheme.
HM Revenue & Customs (HMRC) had previously rejected Beckham, Rooney and Linekar’s claim for tax relief over film industry investments. That decision was appealed, but a court has upheld HMRC’s position.
In total 81 celebrities and sports stars invested a minimum of £100,000 in Ingenious Film Partners 2 LLP, which brought the likes Avatar, Life of Pi and Girl With a Pearl Earring to the big screen, according to reports.
Other investors included Steven Gerrard, Ant and Dec and Davina McCall.
A total of £1.2 billion was invested in the scheme.
This is the latest turn in a long running dispute between investors and HMRC after it judged these vehicles were used to avoid tax.
The tax office had argued that production costs associated with making the films were capital costs, meaning investors were not due any tax relief on this either.
The legal battle is expected to continue.