EMI chairman Guy Hands is going to court to seek redress from tax advisers over his investment in a number of films that include a comedy called 9 Dead Gay Guys and the story of a giant mutant shrimp.

The private equity tycoon is one of more than 60 wealthy investors taking legal action against Baker Tilly over advice the accountant gave about tax relief available on film production companies.

Hands and his fellow claimants, including the former EMI chief executive Eric Nicoli and a clutch of City bankers, are alleging that the scheme delivered none of the tax relief the accountant initially promised. The action is worth more than £22m.

Ten years ago, the Inland Revenue introduced new rules that allowed people to defer paying tax on their sheltered income for up to 15 years by agreeing to invest in films.

However, the government abolished the relief in early 2004 when it became concerned that scores of investors were using the rule to shelter their income in low-quality films, many of which never became public.

During 2002-03 £1.7 billion was sheltered in film schemes, allowing investors to save around £300m in tax. The claimants suggest Baker Tilly should have been aware that the tax treatment of film partnerships would change.

Through the company Little Wing Films, Hands invested in three projects during 2001 and 2002. These included 9 Dead Gay Guys, a comedy described as “pointless” on the Internet Movie Database, and Crust, the story of a 7 ft mutant shrimp washed up on a British beach and taught to box by a booze-sodden pub landlord.

A leading City tax adviser familiar with the case said: “For those not fond of Hands, this promises to be fun and interesting viewing. The defence barristers plan to call Hands as a witness. They will be wanting to make the whole experience as unpleasant as possible for him to encourage him to settle.”

Hands, Little Wing Films and Baker Tilly all declined to discuss the case, which begins at the High Court on June 23 and is expected to run for four weeks.

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