Top City regulator used tax break scheme

From BBC - February 20, 2018

The incoming head of the financial industry regulator had to repay tax after using an unapproved tax break scheme.

Charles Randell, who becomes chair of the Financial Conduct Authority in April, told MPs he had made an "error of judgement" by putting money into Ingenious Film Partners 2.

The scheme makes use of tax breaks available to promote film productions.

Mr Randell paid into the scheme between 2006 and 2011.

He told MPs on the Treasury Committee that the scheme had been recommended to him by a financial advisor and he had been assured it was approved by HMRC.

But Mr Randell said that it had been "an error of judgement" that he had failed to further investigate those assurances.


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