Letter Before Action (“LBA”)
News of the Letter Before Action (“LBA”) issued by Newport, Edwin Coe and Tax Counsel at the beginning of the month is being reported in the press. Please see the enclosed article which appeared today on Citywire: http://citywire.co.uk/new-model-adviser/hsbc-faces-further-film-tax-scheme-legal-action/a1202261
It states that HSBC has in its annual results, referred to receiving an LBA concerning the involvement of HSBC Private Bank (UK) Limited (“HSBC”) in the construction and marketing of Eclipse. HSBC have said the letter made ‘various claims against HSBC Private Bank (UK) Limited and others in connection with their roles in facilitating the design, promotion and operation of such schemes’.