Our activities, including worldwide film production, are commercial, profit-driven and fully taxed by the UK exchequer
Ingenious is an investment and advisory firm employing some 200 people with operations spanning private equity, venture capital, corporate finance, asset management and alternative investments. We are the UK's largest independent investor in the creative industries. Margaret Hodge, the chair of the Commons public accounts committee, yesterday accused us of "exploiting a well-intentioned tax relief to try to get individuals to mitigate their taxes".
Not so. While it is true that individuals investing in films receive tax relief, they do so in accordance with the purpose of the legislation and not in some other inappropriate way. We have never been in the business of tax avoidance. All our activities are commercial, profit-driven and taxable. In the year ending April 2012, Ingenious posted £35m profits on which we paid £8m in UK corporation tax.
The UK's creative »
- Patrick McKenna
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