Royal Bank of Scotland (Royal Bank of Scotland, RBS) for years evaded taxes through investment in a series of films about Harry Potter, told the British media.
The Bank bought back the rights to the films, which included the third and fourth part of the films about the young wizard, to take advantage of the benefits that the British legislation provides companies that invest in the cinema, reports RT with reference to Bloomberg.
After that, rights to distribute the film passed the Studio that was responsible for his hire by paying a fixed fee to the Bank. Thus, regardless of the commercial success of the film, the Bank received income from its rental and, simultaneously, benefited from tax relief.
This scheme brought the RBS of the order of 1.45 billion dollars in profits. In addition to the films about Harry Potter, the Bank used commercially for about 20 films.
The Bank applied these machinations to avoid taxes from 1998 to 2007, while in the UK was not tightened tax laws.
We will remind, the eighth book by British writer J. K. Rowling on the wizard Harry Potter will go on sale in Canada, the UK and the US on 31 July.