David Beckham, Wayne Rooney and other top celebs slapped with tax bill

Here’s why

David Beckham,Wayne Rooney and other notable celebs have lost a legal bid to overturn a £700m tax bill for film financing.

The duo were among more than 1,000 people who invested in the Ingenious film financing schemes in the hope of securing tax relief.

However, HMRC said they scheme was used for avoiding tax because no losses were made.

An HMRC spokesperson said: “We are pleased that the tribunal has agreed with us that the vast majority of what was claimed in tax relief by Ingenious investors was simply not due.”

A spokesman for Ingenious said it would be appealing the ruling: “It is wholly unsatisfactory that the tribunal reached this decision with ‘misgivings and reluctance.”