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Elysian Fuels – a scheme to create bio-ethanol (cheap, more sustainable fuel) in a Grimsby-based plant began life in 2010. Advertised by a number of different Financial Advisers as a good SIPP (Self Invested Personal pension) investment, it took £200 million from investors, around £180m from SIPPs.
But the fact is, Elysian Fuels in UNREGULATED by the FCA, making it a HIGH RISK investment – not suitable for everyone, and it was the job of those financial advisers to make sure YOUR money was going somewhere suitable for you!
Marketed by Future Capital Partners, the value of the shares in Elysian Fuels from £1 each, to £nil – making the investment effectively worthless while this value held…
While Elysian Fuels offered investors x10 their investment in returns, it was suspended from the Channel Islands Stock Exchange in September 2013, and later de-listed.
As late as 2015, the HMRC was said to have been considering a 55% tax charge to “investors who sold their Elysican Fuels Shares to their pension” – Yikes!
In April 2017, SIPP Provider James Hay (which many clients used to invest in Elysian Fuels) received “assessment notices” from HMRC for a total of £1.8m, all related to Elysian Fuels!
Elysian Fuels 1 LLP was formed on the 11 Jan 2010, and many other funds followed.
Elysian Fuels was suspended from the Channel Islands Stock Exchange in 2013.
Due to the way in which Elysian Fuels was structured, some investors started to look like they may be in trouble with the tax man, as HMRC announced they were considering a 55% tax charge.
2015 also saw Elysian Fuels shares reduced to £nil – investors had officially lost their money.
James Hay announced that they had considerable exposure to the investment – around £1.8m
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