MP Geoffrey Cox denies wrongdoing in ‘tax avoidance’ probe
TORRIDGE and West Devon MP Geoffrey Cox has said he invested in an alleged tax avoidance scheme in good faith.
A leading national newspaper claimed that Mr Cox is one of a number of top officials and celebrities investing in Phoenix Film Partners LLP.
HM Revenue & Customs has moved against the movie investment scheme which was designed to avoid tax, and is now demanding that its users pay up.
Mr Cox, whose constituency includes Tavistock and parts of the north of Plymouth, said: “I was introduced to Ingenious, the organisers of Phoenix, approximately six years ago by professional advisers
Plymouth MP accused of tax avoidance
“I was advised that Ingenious was a large and reputable company, which had successfully conducted similar investment partnerships in the past without issue, that the partnership in which investment was invited had been submitted to HMRC and had met with no objection or query, that it was intended to invest in the production of major films, and that it complied with my general instruction that I did not wish to be involved in aggressive tax avoidance.
I understand that the partnership is to be considered at a Tribunal later this year and that Ingenious strongly disputes the assertions made by HMRC.”
