Premiership footballers look to pursue compensation for unexpected tax bills incurred over film tax schemes
Several investors, including some Premiership footballers, are seeking redress against Scion Films for unexpected tax bills which arose from investments. Scion Films promoted many tax schemes for well-known blockbusters such as Mr Bean’s Holiday, Atonement and Eastern Promises. The investors claim that the tax liability they have been faced with is a direct result of being “mis-sold” the investment.
Law firm Peters & Peters is representing the group of investors which were managed by Scion Limited and its subsidiary companies. Jonathan Tickner, partner at Peters & Peters stated that all investors have suffered ‘significant financial loss’ and some of the football stars involved are facing bankruptcy. “These film tax schemes were clearly mis-sold to clients, who had been advised that they were legal and had been approved by HMRC.”
The firm is also handling legal proceedings for many investors relating to a similar claim, against Ingenious Media, for investments made between 2000 and 2013. They are being brought against financial advisers and agents who recommended the investments and some banks who financed the deals.