Law firm Peters & Peters said it is representing a number of claimants seeking redress for losses incurred to HM Revenue & Customs.
They claim the losses arose as a consequence of three Scion film schemes that were promoted and managed by Scion Limited and its subsidiary companies.
Scion promoted a number of tax schemes for films such as Atonement, Eastern Promises and Mr Bean’s Holiday.
As a result of the mis-selling, the law firm says investors face a significant tax liability.
Scion Film reached a settlement with HMRC in 2013. The current claim relates specifically to investors who are trying to recoup from Scion Film the losses they incurred to the taxman, the firm confirmed to International Adviser.
It is representing a number of claimants including former sports professionals, similar to the concurrent claims against Ingenious Media.
Peters & Peters declined to name any of its clients or how much they are looking to recoup.
Redress injustice
Jonathan Tickner, partner at the firm, who is leading the Scion case, 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.’’
Ingenious
In August 2016, HMRC won a case against Ingenious Film Partners claiming that the scheme it promoted artificially created losses through investments in films so investors could claim tax relief.
The court found that the schemes were not legitimate investments but a way for investors to avoid paying tax.
It ruled that investors should only receive tax relief on 30% of their investment, not 100%, resulting in the £700m ($903m, €760m) tax bill.
The bill prompted Ingenious investors, including 45 former English Premier League footballers, to sue the professional advisers linked to the scheme with the help of Peters & Peters.
The case is ongoing.
