A number of high profile UK footballers face losing millions of pounds after investing in various movie schemes and real estate ventures following the advice of two advisors from a firm known as Kingsbridge Asset Management, as reported in the Mail on Sunday.
It’s reported that over 100 football players were advised by Kingsbridge Asset Management, including the likes of Rio Ferdinand and Andy Cole, to invest in these schemes and according to Kingsbridge Asset Management, were told of the risks investing in schemes like these hold.
Many of the investors now face the prospect of large tax bills following their investments in the schemes, which could be well in excess of £100 million leaving some investors facing bankruptcy.
Reports of these mis sold schemes are now becoming all to common, with thousands of people investing in tax avoidance schemes, with many believing them to be legitimate.
HMRC continue to pursue users and promoters of such schemes in an attempt to claim back tax owed.
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