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Ingenious Media
UK media investment and advisory group From Wikipedia, the free encyclopedia
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Ingenious Media (styled as INGENIθUS) is a division of London-based Ingenious Capital Management Limited, also known as Ingenious. The company was founded in 1998 by Patrick McKenna and is focused on media, real estate and infrastructure.[1]
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In 2018, Ingenious Media partnered with Solstice Studios to produce and distribute theatrical feature films.[2]
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Tax avoidance case
In July 2014, Ingenious Media was investigated by HMRC for promoting tax avoidance schemes.[3][4] In October 2014, HMRC sent "accelerated payment notices" to people who had invested with Ingenious Media, demanding payment of substantial amounts of tax.[5] The tax bill following his investment in the scheme was cited in the subsequent bankruptcy hearings of the former Liverpool and Republic of Ireland footballer, Steve Staunton.[6] In 2018, a group of more than 500 investors launched a civil case against Ingenious for making false representations[7] which Ingenious had always denied. Ingenious (specifically Ingenious Games LLP, Inside Track Productions LLP and Ingenious Film Partners 2 LLP) lost their appeal against HMRC's initial ruling in June 2019, with the Upper Tribunal ruling that "None of the LLPs were carrying on a trade. None of the LLPs were carrying on a trade with a view to profit."[8]
However, in August 2021 the Court of Appeal overturned the ruling of the Upper Tribunal in respect of Inside Track Productions LLP and Ingenious Film Partners 2 LLP on both the trading and with a view to profit issues.[9]
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References
External links
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