Even by the standards of tax cases, the recent case of BlueCrest Capital Management Cayman Ltd & others v HMRC is a difficult read. However, it is worth persevering with, because HMRC has taken the opportunity to test out a number of theories on partnership taxation, with some fairly alarming results for taxpayers.
Time for a wholesale review?
The tax affairs (and, more specifically, the tax returns) of partnerships and partners continue to create more than their fair share of controversy and procedural dispute. The latest is the First-tier Tribunal decision in Grinyer [2020] UKFTT 64 (TC).
Jeanette Zaman and Zoe Andrews (Slaughter and May) review recent tax developments affecting the City.