It has come to our attention that HM Revenue &Customs (“HMRC”) has been contacting those SIPP providers that permitted their investors to invest in Elysian Fuels. It is our understanding that James Hay is one of the SIPP providers that has been contacted by HRMC. HRMC has also been contacting individuals who invested in Elysian Fuels regarding unpaid tax sanctions from the investment.
Whilst we cannot provide financial or taxation advice, we do represent clients who were advised or encouraged to transfer money out of their traditional pensions into a self-invested personal pension (SIPP) and to invest significant sums of money within Elysian Fuels. For many, the investment was wholly unsuitable.
Elysian Fuels was set up by Future Capital Partners Limited and involved investment in to renewable energy plants in the UK and US. However, the investment failed and investors lost large sums of money as the value of the investment shares was cut to nil in October 2015.
In our experience, potential investors were approached by an unregulated introducer and persuaded to transfer their pension into a SIPP. We have found that our clients transferred their pension into a SIPP between 2012 and 2015 and usually invested a minimum sum of £50,000.
