Whether HMRC should share costs of unsuccessful appeal
The decision in HMRC v Eclipse Film Partners No. 35 LLP (No. 5) (Upper Tribunal – 2 April) follows on from the decision in Eclipse Film Partners No. 35 LLP v HMRC (No. 4) [2012] SFTD 823 where a limited liability partnership (E) entered into a complex series of transactions in relation to the licensing and distribution of film rights. The partners made substantial claims to tax relief under ICTA 1988 s 353. HMRC began an enquiry into E’s tax return for 2006/07 and subsequently issued a closure notice determining that E had not been carrying on a trade so that the partners were not entitled to the tax relief which they had claimed. The First-tier Tribunal...
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Whether HMRC should share costs of unsuccessful appeal
The decision in HMRC v Eclipse Film Partners No. 35 LLP (No. 5) (Upper Tribunal – 2 April) follows on from the decision in Eclipse Film Partners No. 35 LLP v HMRC (No. 4) [2012] SFTD 823 where a limited liability partnership (E) entered into a complex series of transactions in relation to the licensing and distribution of film rights. The partners made substantial claims to tax relief under ICTA 1988 s 353. HMRC began an enquiry into E’s tax return for 2006/07 and subsequently issued a closure notice determining that E had not been carrying on a trade so that the partners were not entitled to the tax relief which they had claimed. The First-tier Tribunal...
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.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")