Degorce v HMRC is the latest in a line of cases where HMRC has contended that a tax avoidance scheme did not amount to a trade. Historically, HMRC has sought to disallow ‘closed loop’ funding involving loans, but has had little success in the courts on this specific issue. A finding of fact by the tribunal of no trade effectively prevents such planning. Degorce reconfirms that the appellant courts will not overturn findings of facts, except where not to do so would be perverse. In the closing paragraphs of the decision, the door has been left ajar for potentially wider attacks on circular funding.