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ELYSIAN FUELS & CLAIMS
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…
ELYSIAN FUELS TAX IMPLICATIONS
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!
Timeline of events: Elysian Fuels
Did you know, we’ve made successful with Elysian Fuels claims before?
If you needed any more reason to choose us to take forward your claim, we’ve been successful with mis-sold SIPP claims with Elysian Fuels before.
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How high-risk investments get mis-sold
Elysian Fuels was always a high-risk investment, and IFAs should have been making sure people fitted the following descriptions before investing. Anything less, and they may have been negligent.
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