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| Version 0 | Version 1 |
|---|---|
| Top City regulator used tax break scheme | Top City regulator used tax break scheme |
| (35 minutes later) | |
| The incoming head of the financial industry regulator had to repay tax after using an unapproved tax break scheme. | The incoming head of the financial industry regulator had to repay tax after using an unapproved tax break scheme. |
| Charles Randell, who becomes chair of the Financial Conduct Authority in April, told MPs he had made an "error of judgement" by putting money into Ingenious Film Partners 2. | Charles Randell, who becomes chair of the Financial Conduct Authority in April, told MPs he had made an "error of judgement" by putting money into Ingenious Film Partners 2. |
| The scheme makes use of tax breaks available to promote film productions. | The scheme makes use of tax breaks available to promote film productions. |
| Mr Randell paid into the scheme between 2006 and 2011. | Mr Randell paid into the scheme between 2006 and 2011. |
| He told MPs on the Treasury Committee that the scheme had been recommended to him by a financial advisor and he had been assured it was approved by HMRC. | |
| But Mr Randell said that it had been "an error of judgement" that he had failed to further investigate those assurances. | |
| "I was reassured that this partnership had been discussed with senior officials at HMRC, who had indicated that they approved of it," he told MPs. | |
| "It's clear to me now that, far from taking any comfort from that, I should have seen it as a warning signal." | |
| When HMRC ruled that the tax scheme was not valid, Mr Randell had to pay back £114,000 plus interest. | |
| The Ingenious tax schemes attracted investment from many high-profile figures. The cash raised has been used to help produce films including, Avatar, Life of Pi and Die Hard 4. | |
| But Ingenious has lost several legal battles with HMRC, resulting in investors having to pay unpaid tax. |