"Harry Potter" star Rupert Grint can't make £1.8 million tax bill magically disappear

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"Harry Potter" star Rupert Grint can't make £1.8 million tax bill magically disappear

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Writer: Heidi Hsia

Magic can't save you this time, Ron

Magic can't save you this time, Ron

2 Dec - Harry Potter fans are saying "No, Ron, no!" to Ron Weasley actor Rupert Grint, after the actor was revealed to now owe £ 1.8 million in tax bill after losing his tax battle against His Majesty's Revenue and Customs (HMRC) tax agency.

The actor filed for an appeal following the judgment in 2019 that he had incorrectly classified £ 4.5 million in Potter residuals as a capital asset instead of income, but that the appeal judge has now sided with HRMC.

Judge Harriet Morgan determined that the star's residuals, which stemmed mostly from TV and DVD sales of the eight "Harry Potter" films, are considered income and not merely a capital asset.

The Beatles clause states if you convert your earnings into capital they are taxed as income in any case

The Beatles clause states if you convert your earnings into capital they are taxed as income in any case

Grint did the mistake that the Beatles did in the past, when the band set up a company to hold their music rights and converted their earnings into capital gains. This enabled them to be taxed at a much lower rate of 30 percent.

The actor did this by establishing the company Clay 10 Limited in 2011, selling his residual rights to the company as capital.

In 2007, HRMC enshrined "the Beatles clause", which prevents entertainers from converting high-tax income into lower-tax capital.

Hermione be like,

Hermione be like, "What did you do, Ron?"

Cinema Online, 02 December 2024

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