The Elysian Fuels partnerships (“Elysian”), marketed by Future Capital Partners Ltd (“FCP”), were a series of investments relating to the establishment of a renewable transport fuels refinery and technical centre in Grimsby and the recommissioning of a bioethanol plant in the US.
Elysian were not FCA regulated and were high risk investments intended to be aimed at “experienced” investors.
The funds invested into these partnerships were lost completely when the structure became insolvent. Furthermore, many investors were advised to participate in various forms of secondary planning, including the sale of their Elysian shares to a third party such as their Self-Invested Personal Pension in return for a cash payment from their pension scheme. Others were advised to transfer the shares into their company to clear directors’ loans balances. HMRC are conducting investigations into all those who undertook this type of planning with large tax liabilities, interest and penalties being demanded.
Elysian and The Newport Group
The Newport team comprises of seasoned industry professionals who bring together accounting, tax, legal and structural expertise. Having been involved in helping to unwind a variety of tax mitigation structures, including Elysian, for many years, we understand the original project, what was supposed to have happened and what actually ensued. We have a strong track record in advising and assisting a large number of Elysian members in a variety of matters, including the negotiation of settlements with HMRC on preferential terms, and achievable time to pay arrangements.