Towry’s Fisher named in film scheme investigation

22 June 2012 | By Joanne Ellul

Analysis by The Times indicates there are around 2,000 members of film and music schemes under inquiry by HMRC. Out of the 888 investors the paper has identified, 46% work in finance. The next profession most represented is dentists at 19%, or around 169 individuals.

The Times looked at the members of 94 limited liability partnerships in which £2.2 billion was invested. Fifty-five of the partnerships were set up by Icebreaker, a music rights firm. The remaining 39 were Eclipse LLPs, created by Future Capital Partners.

Andrew Fisher, the chief executive of Towry Law and Alain Grisay, the outgoing chief executive of F&C Asset Management, put money into the partnerships.

Fisher was one of 12 people who invested £56.9 million in a film scheme and now says that he regrets the decision.

Speaking to The Times, he says: “If I had known that the legitimacy of this investment was going to be questioned, I would not have entered into it. To date, to the best of my knowledge, I have received no tax rebates or benefits from this investment.”

Grisay declined to comment in The Times on his investments in two Eclipse schemes.

Tim Horlick, the venture capitalist and ex-husband of veteran fund manager Nicola Horlick, disclosed that he invested £5.5 million in Eclipse 1.

A spokesman told The Times: “My client entered into the scheme purely as a commercial investment and this is borne out by the fact that the investment was in Pirates of the Caribbean 2, a very successful film franchise which is trading commercially.”

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