The background to HMRC v IGE USA Investments Ltd & others is whether HMRC should be allowed to rescind a settlement agreement reached with General Electric (GE). In this case HMRC sought to amend its pleadings to introduce a claim that three representations allegedly made by GE in the course of discussions leading up to the settlement were made fraudulently. HMRC’s allegations concerning two of these representations were dismissed; however the High Court felt that the evidence in support of HMRC’s third allegation – that GE deliberately failed to disclose the complete picture – was enough that it should be allowed to pursue that argument at trial. This creates an eye-catching headline but there is a long way to go yet. These allegations will no doubt be vigorously defended by GE once the case goes to trial and it remains to be seen whether...
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The background to HMRC v IGE USA Investments Ltd & others is whether HMRC should be allowed to rescind a settlement agreement reached with General Electric (GE). In this case HMRC sought to amend its pleadings to introduce a claim that three representations allegedly made by GE in the course of discussions leading up to the settlement were made fraudulently. HMRC’s allegations concerning two of these representations were dismissed; however the High Court felt that the evidence in support of HMRC’s third allegation – that GE deliberately failed to disclose the complete picture – was enough that it should be allowed to pursue that argument at trial. This creates an eye-catching headline but there is a long way to go yet. These allegations will no doubt be vigorously defended by GE once the case goes to trial and it remains to be seen whether...
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