In HMRC v Investec Asset Finance [2018] UKUT 69 (4 April 2018) the UT decided four preliminary issues in relation to the acquisition of leasing partnerships by Investec.
The FTT had to consider three leasing transactions undertaken by leasing partnerships purchased by Investec. In each of the transactions Investec had acquired an interest in a partnership entitled to lease receivables and become a partner in that partnership with a view to the partnership realising the receivables and making distributions to Investec. HMRC had disallowed expenditure claimed by Investec in relation to its acquisition of the partnership interests on the grounds that: it was capital expenditure not revenue expenditure; and alternatively that even if it was revenue expenditure it was not incurred wholly and exclusively for the purposes of Investec’s trades (as opposed to the trades carried on by the leasing partnerships).
Agreeing with...
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