The tribunal has issued its decision in Ingenious Film Partners 2 LLP. Gideon Sanitt (Macfarlanes) reviews the consequences of that decision for investors.
HMRC will be able to depart from its own guidance if it believes that tax avoidance might be involved, as the decision in Samarkand illustrates. Jeanette Zaman and Owen Williams (Slaughter and May) consider the uphill struggle that taxpayers could face to prove they have a substantive legitimate expectation.
Gideon Sanitt (Macfarlanes) considers the decision in Ingenious Media and when HMRC may be excused from its duty of confidentiality.
David Pickstone (Stewarts Law) reviews the recent Upper Tribunal decision in Ingenious, which considered whether HMRC could make allegations of dishonesty at a late stage in proceedings without having pleaded them in its statement of case.
HMRC has carried out some spring cleaning on its GAAR guidance. This and other recent developments affecting the City are reviewed by Mark Middleditch (Allen & Overy).
In Eclipse Film Partners No. 35 LLP, the Court of Appeal ruled that the film partnership’s activities did not constitute trading. Chris Bates and Judy Harrison (Norton Rose Fulbright) examine the judgment and consider the consequences