UK prosecutors charge 5 in film-related tax fraud

Associated Press

LONDON (AP) — British prosecutors say five people are being charged with conspiracy over an apparent bid to exploit tax rules designed to boost the U.K. film industry.

The Crown Prosecution Service said Tuesday that the conspiracy cost the public 125 million pounds ($194 million).

The group is accused of misusing a government regulation that allows people who invest in British movies to offset losses against other tax liabilities.

Prosecutor Andrew Penhale said the five abused the system over almost a decade by falsifying the value of allowable losses and falsifying documents.

Last month five other people were jailed for pretending to make a movie in order to defraud the tax system.

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