EXCLUSIVE: Simon Nokes, 58, and his wife Sonya, 53, put their South Yorkshire Police pensions into a Limited Liability Partnership (LLP) set up by controversial celebrity wealth adviser Tim Levy.
Have YOU been affected by this? Email [email protected] former police sergeant and his PC wife have told how their pensions were 'wiped out' when they were lured into investing their nest-eggs into a tax avoidance scheme used by footballers and celebrities.
The couple were awarded around £43,000 each by the Financial Conduct Authority as victims of mis-selling by the financial advisor who recommended the scheme called Elysian Fuels, aimed at high net-worth individuals. Investors had to purchase at least £50,000 worth of shares, with the idea that putting money in the project before selling the investment to their personal pension they could claim more of the money back in tax relief.The fuel company described itself as a green investment into the UK's biofuel industry that many investors just couldn't turn down.
After 26 years in South Yorkshire Police, Simon invested his £500k SIPP pot into the scheme around 2013, and his Sonya a smaller amount after she served with the force about half as long. In 2019 the couple were warned by HMRC that they would face a tax demand as the scheme had been judged not to be tax-compliant, but the amount had not been decided.
The Elysian scheme was similar to film financing schemes such as Ingenious Media, which attracted the money of stars from the worlds of sport and entertainment, including David Beckham, Ant and Dec and Jeremy Paxman. The documents also alleged that the LLP made payments of a further £7.8 million to Levy with 'no consideration or benefit to the claimant '.
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