According to a report in the Financial Times, over 1300 investors have been warned by Ingenious Media that the latter\'s Ingenious Film Partners 2 LLP scheme is viewed as a tax avoidance scheme and the former face a £520 million tax demand.

The scheme saw investors - including celebrities such as David Beckham, Gary Lineker and Andrew Lloyd-Webber - made directors of partnerships which made losses of £1.3 billion, which was then offset against other income to reduce their tax bill.

HMRC has however deemed this a tax avoidance sch...