Several legal claims against Ingenious and advice firms that sold the film tax relief scheme have been put on hold after a recent court hearing.
Hundreds of investors are seeking redress against Ingenious and a number of intermediaries to pay for surprise tax bills arising from their investments in film tax schemes.
The schemes offered investors the opportunity to benefit from tax relief supposedly by backing movies in development.
However HMRC has claimed the tax relief was wrongly claimed because the scheme was set up solely to avoid tax, rather than as a legitimate qualifying investment in film.
As a result, investors face significant tax bills, which they say Ingenious, and the advisers who recommended they invest in the schemes, should pay.
In the current case, the investors claim they were mi-sold the schemes between between 2000 and 2013.
But during a case management hearing last month, claims against Close Brothers Asset Management and Heartwood Wealth Management were put on hold.
The two advice firms join a list of financial sector businesses under fire in the case which already includes Coutts, HSBC, UBS, Natwest, Formation Asset Management and accountancy firm SRLV.
David Pickstone, partner and head of tax litigation at Stewarts Law, which is acting on behalf of the investors bringing the claims, said the judge had decided to proceed with the cases involving intermediaries facing the largest number of complaints, including UBS, Coutts and Natwest.
He said: "These cases will then inform the outcome of the smaller ones. What is being hoped for is that the parties will come together and come to a settlement in light of whatever is decided but if a settlement isn't reached it will go to the courts."
Close Brothers and Heartwood face a relatively small number of claims so their cases have been paused until the main hearing is over.
The case against Close Brothers is understood to involve legacy issues from Cavanagh Group, which it bought in 2011.
Mr Pickstone said the hearing would probably not take place for another 18 months or more.
The case against Ingenious involves three law firms acting for three groups of investors. Stewarts Law is the largest group, with 250 investors making claims for more than £120m.
The case also involves a group represented by Mischon de Reya and Peters & Peters, but their claims total around £30m each.
Of the £180m total, around £70m of the claims are made against intermediary firm.
damian.fantato@ft.com
