Peters & Peters is representing 122 Claimants seeking redress against Ingenious Media and professional advisers for losses incurred as a result of investments in film tax schemes between 2000 and 2013. Peters & Peters has commenced legal proceedings against the Ingenious Group of companies and three of their Directors, including founder Patrick McKenna. In addition, 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. As a result of these mis-sold schemes, investors now face a significant tax liability.

Jonathan Tickner, Partner at Peters & Peters, leading the case, commented:

“We are acting for 122 clients seeking redress against Ingenious Media and other professional advisers for losses incurred as a result of their investment in film tax schemes. Clients include former premiership footballers.

Investors have all suffered significant financial losses as a result of these schemes being mis-sold to them as legitimate opportunities in which to invest in film or other media businesses. They were misinformed that the tax reliefs had been approved by HMRC and were permitted by law.

This is particularly hard for sporting professionals whose earning potential is at its peak for only a few years. A number of those affected are now facing bankruptcy.”

For further coverage of this announcement see:

The Brief

FT Adviser

Citywire – Wealth Manager

International Investment

Economia

Professional Adviser

CCH Daily