Today HMRC published an offer to tax payers who invested in the Eclipse film investment schemes in which HMCTS will abandon its long running claim for tax on fictional returns on the purported investment.
Edwin Coe is acting for almost 400 of Eclipse investors in a claim against HSBC for fraud in the selling of the Eclipse schemes.
David Greene, Senior Partner said “The offer being made by HMCTS effectively to abandon its claim for tax on declared income that we now discover was fictional is welcome news for so many. The amount of tax for individuals, some £1.6 bn in total, was an existential threat to assets and livelihoods.
This is the right answer from the Revenue in the face of our appeal for one of the partnerships and on behalf of investors. The Revenue recognise that the whole mechanism constructed by HSBC and others was false and, having examined all the contractual documents, concluded that the income that was declared by partnerships was, in fact, fictional. It now just remains for HSBC to make good the substantial actual losses of investors deriving from the cash invested.”
About Edwin Coe
Edwin Coe LLP is a full service law firm based in the heart of London’s historic legal district in Lincoln’s Inn. Founded in 1913, we have grown from our litigation origins to become a thriving and dynamic practice, providing a comprehensive range of legal services to meet the needs of a wide variety of businesses, individuals and organisations based throughout the UK and internationally.
With 40 partners, we are ranked 116 in the 2020 edition of The Lawyer ‘UK 200’ law firms and are recommended in all the major legal directories. We provide clients with innovative, tailored and integrated legal services and combine a highly personal and responsive service with industry leading expertise.