Market leading insight for tax experts
View online issue

Tax and the City briefing for March 2014

Speed read

HMRC’s guidance on the new salaried member rules for LLPs creates nearly as much uncertainty as it dispels. The ‘Working Wheels’ scheme, which saw taxpayers seeking to deduct a £5m fee for borrowing £7,500, is given short shrift by the FTT. Some taxpayer wins outside the marketed scheme arena underline the neutrality of the purposive construction principle and indicate that HMRC cannot always have its cake and eat it.

If you are not a subscriber, subscribe now to read this content.
If you are already a subscriber, sign in
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this article in full.
EDITOR'S PICKstar
Top