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PM's Investment Guru Linked to Tax Avoidance

Tuesday, January 3, 2017

Appointment of Damon Buffini - officer of companies which landed Ant & Dec and Steven Gerrard with HMRC investigation – an ‘insult’, says GMB.

Theresa May’s new investment guru Damon Buffini is linked to the same alleged £1billion tax avoidance scheme [1] as Gareth Southgate, Wayne Rooney and David Beckham. [2]

Last month, Buffini was appointed by the Prime Minister to chair of the Government’s ‘Patient Capital’ Review – which examines how to increase investment in growing British business. [3]

He is listed as a member of Inside Track Productions, Inside Track 2 LLP and Inside Track 3 LLP.

The three companies are currently being investigated by HMRC [4] after claiming huge losses while investing in films like Avatar and Die Hard 4. [1] 

TV stars Ant and Dec, former England cricket Marcus Trescothick and Steven Gerrard are also implicated.

The venture capitalist has previously been described as a ‘shark’ [5] for his part in asset stripping while boss of Permira. [6]

Tim Roache, GMB General Secretary, said:

“The Prime Minister’s appointment of Damien Buffini is an insult to British taxpayers.

"Hard questions must now be asked of Theresa May’s judgement in putting this individual in charge of a review investment in British business.”

“Buffini's background, questionable tax status and his form for asset stripping British businesses make him one of the last people on earth who should be in charge of a Government review of this nature.”

“At best, this shows a lack of due diligence on checking the suitability of Buffini for the role and at its worst, this suggests Theresa May wrongly thinks that avoiding tax and stripping down businesses are something to be celebrated and rewarded.

“Buffini's busted record on business show that this Government really is scraping the bottom of the barrel for business advice."

ENDS

Notes for Editors:

Contact: GMB press office on 07958 156846 or at press.office@gmb.org.uk

[1] https://home.kpmg.com/content/dam/kpmg/uk/pdf/2016/09/tmd-ingenious-film-partners.pdf

[2]https://opencorporates.com/officers?utf8=%E2%9C%93&q=damon+buffini&commit=Search&order=alpha

[3]http://www.telegraph.co.uk/business/2016/11/21/treasury-turns-patient-capital-address-shortage-support-british/

[4] http://www.radcliffechambers.com/news-and-cases/judgment-given-ingenious-film-scheme-tax-litigation-ingenious-games-llp-inside-track-productions-llp-ingenious-film-partners-2-llp-v-hmrc-2016-ukftt-0521-tc/

[5] http://www.thisismoney.co.uk/money/comment/article-3958638/CITY-DIARY-Former-private-equity-shark-Sir-Damon-Buffini-agrees-investment-adviser-Treasury.html

[6] http://www.gmb.org.uk/newsroom/asset-stripper-buffini-steps-down

Picture of Theresa May Copyright Policy Exchange

 

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