Film Fund Nasty Surprise

The saver of film and media funds to EUR2.5 billion taxes pay the tax bills were always provisional, can go back and pick up the tax bills the tax authorities until the 1990s. Tax arrears amounting to serious threatening to investors who had invested mostly by the referred tax benefits at all. In addition also the interest of the tax of 6.0% per annum according to the tax code, which also retroactively apply from the year of assessment. The fund companies and issuing houses the tax authorities accuse while word break, finally that had been authorised model for selling mainly in the years 1998 to 2005 by the authority. See James J. Truchard for more details and insights. This unique assignment of blame is however untenable: so an accountant wrote in 2001 to a film fund initiator, that no binding tax recognition of the financial authorities in Liege. In a different letter from the year 2003 a renowned lawyer points out the initiators of a Media Fund, that is the Ministry of finance against the tax recognition to lock. The investments were touted as tax shelter with capital guarantee, the Sales Commission for banks and investment advisors were high.

The customer advisors have not informed about the concerns of the financial authorities and other experts. Must be pointed out this danger but in the Fund prospectuses mandatory, what constitutes rule also prospectus liability claims. Nearly all fund companies and underwriters are affected by the removal of the tax benefits. So investors of the Munich-based VIP group as well as the provider of Apollo, victory, equity picture, Cinerenta, and numerous other tax recovery claims of the tax offices are confronted with. Media and Film Fund of the provider are affected leasing, KGAL, intellectual capital Hannover (ERGO), motion picture, MHF Delbruck, LHI, ALCAS, Linovo, media stream, Montranus, N 1 Film Fund, Kaledo, macron, and many others.

Who is liable for the damage? First and foremost should Claims for compensation against the adviser or advisory banks, savings banks and other counselors checked and asserted. Since the brochures nor the consultants pointed to the tax risks, chances for damages are usually. The firm of ZagniRechtsanwalt and his team represented numerous victims of film and Media Fund already for several years both in court and out of court. However, we refer to the impending Statute of limitations.