In a City AM article, Edwin Coe Senior Partner, David Greene comments on the HSBC partnerships.
HSBC Private Bank is being sued for £150m by over 400 investors in connection with a film financing scheme that purported to invest money in Disney blockbusters for tax benefits.
Investors, including ex-Manchester United manager Sir Alex Ferguson and ex-England managers Sven-Goran Eriksson and Glenn Hoddle, lost out after tax authorities ruled that the film financing scheme they had invested in was actually a tax avoidance scheme.
It aimed to take advantage of tax legislation designed to promoted the UK film industry.
To read the full article, please click here.
*Update (27/02/2019) – Barclays and Bank of Ireland are also being sued as part of a £180m lawsuit brought by investors in a film finance scheme the pair were involved in. Find out more in City AM’s latest article.
*Update (04/03/2019) – Claims against banks in Disney tax avoidance case could pass £1bn. Find out more in City AM’s latest article.