Emile Heskey Facing Bankruptcy......

[ElusiveEd]

A few business and tax decisions gone wrong it seems if this story is to be believed......

 

https://www.thesun.co.uk/sport/25303404/liverpool-emile-heskey-facing-bankruptcy/

 

Loved him as a Leicester player so hope he finds a way out of these problems.

Edited 9 January 2024 by ElusiveEd

[The whole world smiles]

Aparently Him and Lineker Sunk 6 figures into the club each to keep it afloat so sad to read this. 

[Vlad the Fox]

24 minutes ago, The whole world smiles said:

Aparently Him and Lineker Sunk 6 figures into the club each to keep it afloat so sad to read this. 

I know it’s different ownership now but would be nice if the club remembered this and helped him out. 

[ozleicester]

Tax evader gets caught


 

[HankMarvin]

39 minutes ago, Vlad the Fox said:

I know it’s different ownership now but would be nice if the club remembered this and helped him out. 

It’s only appears to be a bill for 42k can’t believe he couldn’t afford that or have assets to sell.

 

Edit 

 

a little more to the story

 

HMRC said that as well encouraging deliberate tax defaulters to come forward, the publication of the names like Heskey was designed act as a deterrent to others and to show “the Government is serious about tackling evasion and non-compliance by ensuring everyone pays their fair share, creating a level playing field for honest people and businesses, and cracking down on the minority who seek to evade tax”.

It emerged last week that a record 329 professional footballers were under investigation by HMRC for suspected tax avoidance last season – up from just 93 the season before – with 31 clubs and 91 agents also being probed. More than £560million has been collected in football-related tax since 2015 amid a crackdown on avoidance linked to image-rights deals and the launch of a ‘Football Compliance Project’.

Elliott Buss, a partner at accountancy group UHY Hacker Young, said: “The Football Compliance Project linking up with HMRC’s elite fraud unit means the tax authority is very concerned about the significant amounts of unpaid tax in the sport.”

In November 2017, the Sun newspaper reported that HMRC had instigated High Court proceedings against Heskey over a bill of £1.7 million linked to a £700m tax relief scheme for the rich.

Heskey was said to be facing a demand for money owed over eight years while he was playing for Liverpool, Birmingham City, Wigan Athletic, Aston Villa and Australian side Newcastle Jets.

The bill was said to be linked to an investment in Ingenious “partnerships”, which qualified for tax breaks aimed at backing British film-making.

Heskey’s lawyers were said to have issued a 19-page defence, denying he was a partner in the scheme, insisting he was only a member, and claiming the payment notices were unlawful and wrongly totted up.

Edited 10 January 2024 by HankMarvin

[Pita]

It’s a great shame he’s in trouble helped on the club when they needed it. Hope he gets out of it. 

[Out Foxed]

50 minutes ago, HankMarvin said:

It’s only appears to be a bill for 42k can’t believe he couldn’t afford that or have assets to sell.

 

Edit 

 

a little more to the story

 

HMRC said that as well encouraging deliberate tax defaulters to come forward, the publication of the names like Heskey was designed act as a deterrent to others and to show “the Government is serious about tackling evasion and non-compliance by ensuring everyone pays their fair share, creating a level playing field for honest people and businesses, and cracking down on the minority who seek to evade tax”.

It emerged last week that a record 329 professional footballers were under investigation by HMRC for suspected tax avoidance last season – up from just 93 the season before – with 31 clubs and 91 agents also being probed. More than £560million has been collected in football-related tax since 2015 amid a crackdown on avoidance linked to image-rights deals and the launch of a ‘Football Compliance Project’.

Elliott Buss, a partner at accountancy group UHY Hacker Young, said: “The Football Compliance Project linking up with HMRC’s elite fraud unit means the tax authority is very concerned about the significant amounts of unpaid tax in the sport.”

In November 2017, the Sun newspaper reported that HMRC had instigated High Court proceedings against Heskey over a bill of £1.7 million linked to a £700m tax relief scheme for the rich.

Heskey was said to be facing a demand for money owed over eight years while he was playing for Liverpool, Birmingham City, Wigan Athletic, Aston Villa and Australian side Newcastle Jets.

The bill was said to be linked to an investment in Ingenious “partnerships”, which qualified for tax breaks aimed at backing British film-making.

Heskey’s lawyers were said to have issued a 19-page defence, denying he was a partner in the scheme, insisting he was only a member, and claiming the payment notices were unlawful and wrongly totted up.

are they rounding up the politicians and their cronies too?

 

doubtful

[Jon the Hat]

You don't see the long-term rich caught up in these schemes, they seem to have targeted footballers and TV stars who frankly are not the sharpest financially.  I have some sympathy for them.

[foxy boxing]

Bankrupt and yet still has more money than most people!!. 

[Tommy G]

Sorry no sympathy from me, he would have earnt millions during his career - I know he falls under the “badly advised footballer, poor bloke” category but there are plenty of people in this country that are on £20k a year that don’t fall into financial distress. 
 

Pay what you owe HMRC, we all have to at ridiculously high tax rates 👍🏻

[Guest Chocolate Teapot]

1 hour ago, Tommy G said:

Pay what you owe HMRC, we all have to at ridiculously high tax rates 👍🏻

If only it was as simple as that..... HMRC can't even decide what an enterprise scheme and was actively trying to pursue investment into the British film industry a few years ago.

 

Looked after the club in its darkest hour and is a phenomenal bloke. I hope he's OK.

[FoxesWalk]

appears to be true 

[Ric Flair]

Whilst there are multiple tax relief initiatives or legitimate (at the time) ways of paying less tax, individuals are always going to get caught up in this. 

 

It's a real grey area, wealthy individuals, like companies will often have financial advice and experts in tax and sometimes it goes horribly wrong for whatever reason. Interestingly, usually against individuals rather than companies which seems to be HMRC's radox these days.

[Mike Oxlong]

7 minutes ago, Ric Flair said:

Whilst there are multiple tax relief initiatives or legitimate (at the time) ways of paying less tax, individuals are always going to get caught up in this. 

 

It's a real grey area, wealthy individuals, like companies will often have financial advice and experts in tax and sometimes it goes horribly wrong for whatever reason. Interestingly, usually against individuals rather than companies which seems to be HMRC's radox these days.

 

Shower gel or bubble bath ? 

[Grebfromgrebland]

14 minutes ago, Ric Flair said:

Whilst there are multiple tax relief initiatives or legitimate (at the time) ways of paying less tax, individuals are always going to get caught up in this. 

 

It's a real grey area, wealthy individuals, like companies will often have financial advice and experts in tax and sometimes it goes horribly wrong for whatever reason. Interestingly, usually against individuals rather than companies which seems to be HMRC's radox these days.

Exactly these things at the time were viewed as legitimate tax efficient investments designed to help boost funds to the British film industry and films were funded this way. 

 

The fact that HMRC can go back this way does seem quite unfair as this isn't straightforward tax evasion.

[Tommy G]

1 hour ago, Chocolate Teapot said:

If only it was as simple as that..... HMRC can't even decide what an enterprise scheme and was actively trying to pursue investment into the British film industry a few years ago.

 

Looked after the club in its darkest hour and is a phenomenal bloke. I hope he's OK.

No it isn't as simple as that I agree, but it states in the s*n article that its unclear whether the arrears are due to the investment scheme or his business flop.

 

Either way, £92K of tax arrears for someone who's net worth was £12m in 2009 is peanuts, something has gone wrong and I think because he played for leicester and helped us out there should be an outpouring of sympathy, but if it was some bloke off the street then he would be vilified. He will of earnt enough money in 6 months of his career in his pomp to set himself up for life.

 

It makes a mockery of people who struggle financially or on the other hand manage their wealth properly. I'm not buying it

[ozleicester]

The case dates back to the early 2000s when something called “sideways loss relief” was still permitted. This enabled top rate earners, who would otherwise be taxed 40% on the top chunk of their incomes, to offset their potential tax bill against losses they made in other areas of business.

Ingenious therefore created film finance partnership schemes – which funded some of the world’s most successful films, including “Avatar” and “Life of Pi” – but any losses that the schemes made could be used to significantly offset investors’ tax bills.

 

HMRC claimed the schemes artificially invented losses on profitable films and amounted to “tax avoidance.” The schemes “sought to use artificial losses arising from investments to avoid £568 million of tax,” HMRC said in one press release from 2016. 

[Sol thewall Bamba]

8 hours ago, Vlad the Fox said:

I know it’s different ownership now but would be nice if the club remembered this and helped him out. 

He's been employed in various roles for us since then, I would wager we've slipped him a decent wedge in the last decade or so.

[Guest Lako42]

Wait until the plebs who love the rich start a just giving page 

[Vlad the Fox]

12 minutes ago, Sol thewall Bamba said:

He's been employed in various roles for us since then, I would wager we've slipped him a decent wedge in the last decade or so.

Yes when I saw this I did wonder if they had found him a job with us to help get him back on track, often something like that that is far more beneficial than just giving money, get him through his coaching badges or something similar to set him up on a new path. Is he still involved with the women? 

[LCFCJoe96]

5 minutes ago, Vlad the Fox said:

Yes when I saw this I did wonder if they had found him a job with us to help get him back on track, often something like that that is far more beneficial than just giving money, get him through his coaching badges or something similar to set him up on a new path. Is he still involved with the women? 

Can’t say I’ve seen him this season so at least in a match day capacity he seems to have left

[Foxmeister]

 

2 hours ago, FoxesWalk said:

appears to be true 

Might be a bit of a Mahrez speeding ticket situation. I would imagine Heskey would have legal representation who clearly haven't been informed yet, it's quite possible this will be easily sorted.

[Out Foxed]

1 hour ago, ozleicester said:

The case dates back to the early 2000s when something called “sideways loss relief” was still permitted. This enabled top rate earners, who would otherwise be taxed 40% on the top chunk of their incomes, to offset their potential tax bill against losses they made in other areas of business.

Ingenious therefore created film finance partnership schemes – which funded some of the world’s most successful films, including “Avatar” and “Life of Pi” – but any losses that the schemes made could be used to significantly offset investors’ tax bills.

 

HMRC claimed the schemes artificially invented losses on profitable films and amounted to “tax avoidance.” The schemes “sought to use artificial losses arising from investments to avoid £568 million of tax,” HMRC said in one press release from 2016. 

Carnaby Films took advantage of this. They now make the critically acclaimed jk, Rise of the Footsoldier films. They basically ran a boiler room getting loads of people to invest a few grand, the films made no money but Mr A Loveday got rich.

[Clever Fox]

Get him on the Hub and give him a few Bob to help him out. A great player for us and we got 11 million was it for him when he left for Liverpool.

[Wasyls Pec Deck]

3 hours ago, Ric Flair said:

Whilst there are multiple tax relief initiatives or legitimate (at the time) ways of paying less tax, individuals are always going to get caught up in this. 

 

It's a real grey area, wealthy individuals, like companies will often have financial advice and experts in tax and sometimes it goes horribly wrong for whatever reason. Interestingly, usually against individuals rather than companies which seems to be HMRC's radox these days.

Visions of HMRC lying on a cheap hotel bed drinking a mini whiskey…

 

It’s sad to see. He does some work for the club doesn’t he? So hopefully they can do their best to look after him.