Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration

Disaster movie?

02 February 2006 / Barry Hallam
Issue: 4043 / Categories: Comment & Analysis , Investments
BARRY HALLAM ATT discovers that, for some people, an investment in a film partnership could come in over budget.

EVERYONE LIKES A good disaster movie. The story usually goes something like this. There are several subplots featuring characters that are going through their own personal life crises. These seemingly unconnected people suddenly find that their paths cross just before during or just after some catastrophic event occurs. There then follow amazing special effects showing many of the characters in unforeseen situations — a bit like tax really.

Zero Hour

 Most individuals live completely separate lives in taxation terms from other members of society. Occasionally the tax authorities step in and confuse the situation by deeming spouses or family members to be so closely connected that special rules apply. Then suddenly something happens that inexorably connects previously unconnected people who have never met and probably never will. What could cause such a disaster in tax planning terms? The answer is the film partnership.
Taxpayers...

If you or your firm subscribes to Taxation.co.uk, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.

back to top icon