A former UBS Group AG executive is suing the bank after claiming he was invited to invest in a “free punt” movie tax-break scheme that was eventually investigated by U.K. authorities.
Steven White, who was the bank’s global head of HR services, is seeking damages from UBS after investing 40,000 pounds ($56,700) in the Ingenious film investment scheme that’s been labeled as tax avoidance by the U.K. White, who said he couldn’t afford to gamble with his money, is among hundreds of individuals now suing the bank in London.
The lawsuit is the latest fallout from the decade-old British film partnerships tax scandal. Investment in the U.K. film industry ballooned after the government boosted tax credits for funding movies in 1997. But U.K. authorities tightened the rules a decade later after questions over the legitimacy of some of the productions.