Tax 

Premiership footballers seek redress over film tax schemes

Premiership footballers seek redress over film tax schemes

A group of investors including Premiership footballers is seeking redress against Scion Films for losses incurred as a result of investments in film tax schemes.

Scion allegedly promoted a number of tax schemes for films such as Atonement, Eastern Promises and Mr Bean's Holiday.

The claimants allege they were mis-sold investments in three Scion film schemes promoted and managed by Scion Limited and their subsidiary companies.

They are seeking redress for unexpected tax bills incurred to HM Revenue & Customs arising from the investments.

Jonathan Tickner, partner at law firm Peters & Peters, who is leading the case against Scion, said: "These film tax schemes were clearly mis-sold to clients, who had been advised that they were legal and had been approved by HMRC.

"Our clients, which include former Premiership footballers, have all suffered significant financial loss with some facing bankruptcy.

"Given the finite earning potential of sportsmen, and the fact that the schemes were invested in good faith, they are seeking to redress this injustice."

The claim is similar to the concurrent one against Ingenious Media which Peters & Peters is also handling.

The law firm is handling legal proceedings for 122 people against their advisers and Ingenious Media over losses they incurred as a result of investing in film tax schemes.

Claims are being brought against professional agents and financial advisers who sold, recommended or marketed the investments, as well as certain banks who financed them.

The investors claim these schemes were “mis-sold” and as a result of these investments, which took place between 2000 and 2013, and they now face a significant tax liability.

damian.fantato@ft.com

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