Investors in Ingenious Media – the investment firm that used film financing schemes to gain tax relief – have lost their latest appeal this week (31/05/2017) after a tax tribunal upheld a 2016 decision stating that incentives were "not allowable deductions".

The ruling – that a spokesman for Ingenious said would be appealed – will see celebrities including national treasures David Beckham, Ant and Dec, and Gary Lineker facing hefty tax bills.

An HMRC spokesman was quoted as saying: "We are pleased that the tribunal has agreed with us that the vast majority of what was claimed in tax re...