Penningtons Manches' litigation team is assisting over 70 high net worth individuals - including celebrities from the worlds of entertainment and sport - who invested in controversial film finance schemes against the accountants and financial experts who advised them. Such schemes are increasingly subject to challenge by HMRC which is fighting to recoup tax reliefs on them through the courts. If the schemes fail, individuals face not only substantial tax liabilities but also the legal costs in resolving the matter.
Investors are likely to have a separate route of recourse if they were mis-sold such schemes. However, the time to bring such a claim is, for many people, about to run out.
In an article in yesterday's Evening Standard, Penningtons Manches commercial dispute resolution partner Alex Fox said: “I don't think people appreciate there is a time limit to get the action up and running. In some cases the limitation period for mis-selling claims will expire in the next few weeks or even days."
Investors are recommended to take advice now about the merits of and timescale for any mis-selling claims and to seek an immediate standstill with their advisers as is necessary.