Raymond Doherty 1 Sep 2017 03:07pm

Former Premier League footballers sue Ingenious

Over 100 claimants, including former Premier League footballers, have launched legal proceedings against Ingenious Media and professional advisers over a film tax scheme

They are suing the Ingenious Group of companies and three of its directors, including founder Patrick McKenna, it was announced today by Peters & Peters, the London law firm acting for the claimants.

The case centres on losses incurred by the clients as a result of investments in film tax schemes between 2000 and 2013.

Peters & Peters also announced that, in addition, claims are being brought against professional agents and financial advisers who sold, recommended or marketed the investments, as well as certain banks that financed them.

Jonathan Tickner, partner at Peters & Peters who is leading the case, said, “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.”

Tickner added, “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.”

A spokesperson for Ingenious responded, “These claims are without merit and will be vigorously defended.”

In September 2016 a separate legal action involving 220 investors was brought against Ingenious and leading banks such as UBS and Coutts after losing more than £100m in a scheme that has since been branded by HMRC as tax avoidance.