Former Premier League footballers face £300m in tax repayments to HMRC after receiving Advanced Payment Notices from HMRC.
In an article in the Guardian, the welfare organisation for former players, Xpro, is predicting “bankruptcy and possibly homelessness” for players who are unable to repay the notices.
The Xpro members, of which the organisation say could number up to 100 former members, invested in tax schemes which HMRC have deemed to be unlawful and are now chasing payment for tax avoidance.
Commenting on the news, Tessa Lorimer, Special Counsel at Withers, said: “Sadly the news comes as no surprise to us. We are currently advising a Premier League player who is in the same situation. Although APNs are currently the subject of a Judicial Review, players and former players will need to prepare to settle the APN. We believe the number of professional and former professional men and women facing such notices will be in their thousands.”
She continued: “Frankly these people have been mis-sold schemes by their advisers. They are clearly not “sophisticated investors” as classified by the FCA. As such, we are building a group action to claims against the professional indemnity policies of the advisers involved.”