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R Thomason v HMRC (and related appeals)

In R Thomason v HMRC (and related appeals) (TC00829 – 2 December) three investors claimed EIS relief in respect of issues of shares in a company (TN). HMRC issued amendments to their self-assessments ruling that the effect of what is now ITA 2007 s 167 was that relief was not due because the investors had been employees of another company (TO) which had previously carried on the same trade but had gone into receivership after making losses. The First-Tier Tribunal allowed the investors’ appeals holding that the investors qualified for relief under what is now ITA 2007 s 169. Judge Poole held that the question of whether there had been a previous connection or involvement ‘should be tested at the time of the issue of eligible shares which is being considered’. At the time of that share issue the trade was being carried on...

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