Rebus Group has launched an action group to help those investors who have invested in the Icebreaker scheme and are now facing demands for liabilities owed to HM Revenue & Customs.
The Rebus Icebreaker Settlement Entity was launched on the back of Icebreaker informing investors in an email in June that it will be suspending further updates.
The email, signed by Caroline Hamilton, said this was due to an article in a national publication which was “clearly based” on a previous update.
While the email acknowledged this was not ideal, it stated the lack of communication was to protect investors’ interests.
The email stated: “However, we are not prepared to risk prejudicing anyone’s interests any further.
“Therefore, until further notice, we will not communicate by email with any LLP member about HMRC, the tribunal or any contentious matter.
“Please do not try and call about these matters.”
The Icebreaker schemes offered investment in a mix of personal and loan monies into entertainment projects.
As the costs of such projects are incurred upfront, they would make a loss in the first year, allowing tax relief to be claimed on the full amount invested, which outweighed the personal money invested.
However, a court recently ruled the partnerships had been set up for tax avoidance purposes.
A spokesperson for Icebreaker said the group is still considering all options.
Rebus Group, which helps investors recoup losses from complex investments that they have been mis-sold, claims all HMRC demand are unfair as they do not take into account investors’ financial circumstances.
A spokesman for Rebus said it is currently representing 79 clients who were “mis-sold schemes” via their financial adviser.
Rhys Thomas, director at Rebus Management Services, said: “The court decision in May of this year saw all tax reliefs claimed, denied, leaving investors facing tax liabilities from previous years, together with interest and possible penalties.
“This means life-changing liabilities for most people. From the possibilities of mis-selling, right the way through to refusing to communicate with investors, investors have essentially been left in the dark, by Icebreaker, and completely abandoned at a time when they need reassurance the most.
“These investors wish to end the uncertainty over the eventual outcome of litigation and its open ended cost, and instead, reach an agreement with HMRC.
“Unfortunately for investors, the clock is already ticking. Tax demands may begin arriving later this year and they will then need to bring a claim within a set deadline.
“By utilising channels we have opened with HMRC and bringing together groups of investors in similar circumstances, we can help them to arrive at the best possible position for each member of Rise – collective action is stronger action.”
A spokesperson for Icebreaker declined to comment.
