The Elysian Fuels scam explained
Elysian Fuels was first launched back in 2013 as part of a Bioethanol plant in Grimsby. Over 200 million pounds was invested into the plant, with around 90% of that figure coming from SIPP pension investments and savings.
The fuel company was said to be a green investment into the UK’s biofuel industry that many investors just couldn’t turn down. The investment even attracted investment from football manager Rafael Benitez along with other professional footballers and high-profile bankers.
However, as soon as the prices of oil drastically dropped, Elysian Fuels was dropped from the Channel Islands Stock Exchange and investors lost their money. Today, the investments are worthless and have left too many retirement savers empty-handed.
Elysian Fuels HMRC tax implications
The Elysian Fuels investment has recently drawn the attention of HMRC. Hundreds of people who invested in Elysian Fuels, just as you did, were initially facing large tax bills from HMRC despite losing lots of their money. HMRC was initially considering a 55% charge to investors but these tax implications have since been dropped. However, many investors are still left without the money they initially invested.
If the Elysian Fuels scam is something you have been affected by, our team is here to help.
Why your Elysian Fuels investment could be eligible for compensation
Elysian Fuels, like many mis-sold SIPPs, was offered to investors who were not given the full information about the investment. Elysian Fuels was also considered a high-risk investment and should have only been offered to experienced investors. However, many casual pension savers like you invested in Elysian Fuels without knowing the risks involved. This means our team can investigate your investment for potential mis-selling.