In brief: Polo tax scheme gets the all-clear

East Anglian firm Mills & Reeve's £5 million corporate sponsorship scheme for polo matches has been backed by a leading firm of tax analysts. The contracted exit EIS Polo Scheme sells licences for polo matches and tournaments at Ascot Park so investors can get a return from sponsorship and media rights as well as substantial tax relief. Earlier this month, The Lawyer reported the claims of tax analysts Allenbridge that tax relief, which was provisionally granted by the Inland Revenue, could be withdrawn. This claim, refuted by Mills & Reeve, has been contradicted by rival tax analysts Best Investment. “The clearance has been obtained after lengthy correspondence,” said a bulletin. “We have copies of the correspondence and are entirely satisfied that the tax advisers, KPMG, have followed Inland Revenue procedures precisely.”