FCA wins Asset Land CIS Supreme Court case

The regulator won its argument that Asset Land - a land bank selling small plots of land to investors - had been operating a CIS, in a judgement issued by the Supreme Court on 20 April. As part of the scheme, investors were persuaded to buy individual plots of land for between £7,500 and £24,000 with the promise the land would increase in value if it received planning permission or was re-zoned. The Supreme Court found that, although investors were the legal owners of their individual plots of land, in reality they did not have control over their investment and Asset Land was the cent...