BES and Film investment

[gInvestor]

Hi Guys,

I've heard in the past that BES and film investments would allow you to invest without suffering tax deductions - is this true or a myth ? Has anyone experience in these investments ?

Thanks..

 

[ClubMan]

There are tax reliefs for investing in such schemes but the schemes in question are usually extremely high up on the risk reward scale - i.e. you may get tax relief but the chances of losing the money invested may be significant. Google or search Revenue.ie for more info and get professional advice if you are thinking seriously of investing in such a scheme.

 

[ClubMan]

Even spread across several films it would still be high risk as far as I know since fund invest early in films and a large number of them never actually get made.

 

[Nige]

I've done film investment schemes with Anglo Irish Bank where, by the time I invested, a resale contract for the film had already been entered into (thereby minimising the risk). However, the return on this (including the tax relief) is also limited.

 

[vortex]

Davys BES fund 2007. Will probably be one in 2008. www.bes.ie for alternative investment. There was a supplement in the Sunday Business post in December 2007 about the different schemes. You can invest in these funds or you can invest in one company through accountants that administer the scheme.
It's not that you invest without any tax deductions. Its that the sum invested can be deducted from your income for the purpose of calculating your tax for that tax year. Therefore you can eliminate a lot of your 41% tax rate if you are on that.
The Davys fund is not risky to my knowledge - it invests quite conservatively in a wide variety of companies many of whom are medium sized companies looking to expand a little.