Speed Read: In Tower MCashback HMRC won before the Court of Appeal on closure notice but lost on expenditure. The Court decided that the First-Tier Tribunal should use its case management powers to set the subject matter of the appeal in the light of the closure notice. It was not bound by the precise terms of that notice; both factual and legal matters could be argued before the Tribunal. Expenditure financed by a non-commercial loan could qualify for capital allowances in some situations. The buyer needs to acquire full ownership and there should be some possibility of repaying...
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Speed Read: In Tower MCashback HMRC won before the Court of Appeal on closure notice but lost on expenditure. The Court decided that the First-Tier Tribunal should use its case management powers to set the subject matter of the appeal in the light of the closure notice. It was not bound by the precise terms of that notice; both factual and legal matters could be argued before the Tribunal. Expenditure financed by a non-commercial loan could qualify for capital allowances in some situations. The buyer needs to acquire full ownership and there should be some possibility of repaying...
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