Make an enquiry

    Enquiry Form









    Contact

      Enquiry Form






      Supporting Document


      We are welcoming clients back to our offices Find Out More
      FJG Solicitors in Essex, Colchester, Chelmsford, London – Fisher Jones Greenwood
      • 0845 543 5700
      • [email protected]
      • Make an enquiry
      • Online Payment
      • Home
      • Services
        • Services for you
          • Advocacy
          • Civil & Commercial Disputes
          • Clinical and Medical Negligence
          • Conveyancing
          • Employment Law
          • Family Law
          • Children Law
          • Immigration & Visas
          • Notary Services
          • Personal Injury
          • Wills, Life Planning & Probate
        • Services for business
          • Academies Portal
          • Agricultural and Rural
          • Business Immigration
          • Commercial Dispute Resolution
          • Commercial Litigation
          • Professional Negligence
          • Commercial Property
          • Construction Law
          • Planning Consultancy
          • Corporate and Commercial
          • Education Services
          • Employment Law
          • Healthcare Services
          • International Services
          • Landlord & Tenant Services
        • Services by sector
          • Agriculture & Estates
          • Care Homes
          • Charities & Social Enterprise
          • Construction
          • Education Law
          • Energy
          • Family Owned Business
          • Healthcare & Dentistry
      • Our people
      • About us
        • CSR
        • Awards
        • Our Vision
        • Accessibility
        • Careers
        • Work Experience
        • Equality & Diversity
        • FLOCC
        • FJG Foundation
        • SAFE Forum
      • News, Events & Insights
      • Blog
      • Podcasts
      • Contact us
        • Colchester
        • Chelmsford
        • Clacton-on-Sea
        • Billericay
        • Braintree
        • Frinton-on-Sea
        • Holland-on-Sea
        • London

      Premier League Footballers Facing Bankruptcy?

      5 February 2015 by Sarah Rankin

      Football

      Over 100 former Premier League footballers who have participated in tax-planning schemes have received accelerated payment notices from HM Revenue and Customs and are now said to be  in financial ‘dire straits’ and some facing possible bankruptcy.

      Many of the footballers joined tax-planning schemes based on film production company relief, or schemes that generated artificial trading losses.  It is said that about 100 are seeking help from the Professional Footballer’s Association and about 40 of them have requested help from Xpro, a welfare organisation for former players – 20 of whom are at risk of bankruptcy.  Research by Xpro suggests that three out of five Premier League Players – who earn an average of £30,000 a week, declare bankruptcy within five years of retirement.

      Receiving extremely high salaries along with a culture of seeking to minimize tax bills, and with the lifestyle of investing in depreciating assets (a different league of keeping up with the Jones’!) like £15,000 watches and expensive cars and then the divorce-rate, which can halve their net worth, they also relied on untrustworthy advisers thinking their job was on the pitch.

      London Firm, Ingenious Media, the main promoter of film partnership relief schemes are currently at the First-Tier Tax Tribunal in the Royal Courts of Justice defending their case against HMRC stating that the schemes have helped launched many profitable movies, resulting in tax being paid.  The case hinges on the question of whether the partnerships of investors can be said to have “carried on a trade”.  The case started in November and a decision is due next month.

      The Finance Act 2014 introduced the accelerated payments system.  The footballers receiving these notices under this power requires them as users of a tax-planning scheme, to pay the disputed tax immediately, if the scheme falls under the Disclosure of Tax Avoidance Scheme (DOTAS) rules, or is similar to one that has already been defeated in court, or has been disallowed under the general anti-abuse rule. Payment must be made within 90 days, with no right of appeal.  The only recourse is litigation against the tax assessment at a tribunal or court (more £££).  So a person who has received a notice, who cannot pay, for example, because his income has fallen sharply due to retirement, can be made bankrupt.

      In a tax avoidance clamp down, HMRC published a list of several hundred tax-planning schemes which it considered invalid, then in September 2014 it began issuing payment notices to the 43,000 current users of the schemes.

      Authors
      Archives
      Subscribe to RSS feed

      Recent Posts

      • Worth the wait
      • What is a section 37 report?
      • What is a section 7 report?
      @FJGSolicitors

      We've had a 5* review from Zoe: Moving home https://t.co/4lbJehtq0g

      22 hours

      RT @MistleyCC: How good did the new T20 kit look on Thursday?! 🔥 A massive thanks to @FJGSolicitors for sponsoring our kit this year! https…

      2 days

      We've had a 5* review from Nicholas: EXCELLENT ADVICE AND VERY EFFICIENT https://t.co/4lbJehtq0g

      2 days
      Billericay 01277 623132
      Braintree 01376 552828
      Chelmsford 01245 890110
      Colchester 01206 835300
      Clacton 01255 323103
      Frinton 01255 514100
      Holland-on-Sea 01255 818900
      London 08455 435700
      Sudbury 01787 373387
      • Disclaimer
      • Accessibility
      • Terms & Conditions
      • Privacy Policy
      • Cookies
      • Price & Service
      • Signup to our Newsletter
      • COVID-19 Risk Assessment

      Fisher Jones Greenwood is the trading name of Fisher Jones Greenwood LLP, a Limited Liability Partnership authorised and regulated by the Solicitors Regulation Authority and registered in England ( Number: OC305854 ). A list of members is available for inspection at the registered office at Charter Court, Newcomen Way, Colchester Business Park, Colchester, Essex CO4 9YA

      This website uses cookies & data collection

      Our website uses cookies, which are small text files that are placed on your computer by websites that you visit to distinguish you from other users. They are widely used in order to help website owners like us provide you with the best user experience possible. They also provide us with information that can help us improve our websites and marketing activities. By clicking an item or link on this website, you agree to the use of cookies and other data collection.

      Find out more

      We are welcoming clients back to our offices

      Differing tiers and three lockdowns later, Fisher Jones Greenwood Solicitors are now pleased to be able to welcome clients safely back to our offices.

      Remote working and the digitalisation of the way we work, have been key to keeping FJG and the rest of the country going.

      • We are now able to offer, pre-booked face-to-face appointments. Although, we are still able to offer remote appointments if preferred.
      • You can continue to visit our offices at any time to post any correspondence and documents through letterboxes.

      If you are visiting an FJG office, covid-19 safety rules of social distancing, hand sanitization, and the wearing of masks will still apply.

      • Please be aware you will also need to have your temperature taken on arrival.
      • There will also be protective screens in place to protect you and our staff.

      Please do not hesitate to contact your legal adviser by email or by telephone should you have any worries or concerns. Alternatively, please call our main switchboard number (01206 835300), and a message to return your call will be relayed to the relevant person.

      Best wishes
      Paula Cameron
      Managing Partner