In HMRC v Investec [2018] UKUT 413 (19 December 2018) the UT found that look through accounting for partnerships did not mean that the same trade was carried on by a partner and a partnership.
The appeal related to three leasing transactions undertaken by leasing partnerships purchased by Investec. In each of the transactions Investec had acquired an interest in a partnership entitled to lease receivables and become a partner in that partnership with a view to the partnership realising the receivables and making distributions to Investec. HMRC had disallowed expenditure claimed by Investec in relation to its acquisition of the partnership interests.
In a decision released in April 2018 (see TJ 11 April 2018) the UT had decided four preliminary issues in relation to the acquisition of leasing partnerships by Investec. By way of recap the UT observed that:...
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In HMRC v Investec [2018] UKUT 413 (19 December 2018) the UT found that look through accounting for partnerships did not mean that the same trade was carried on by a partner and a partnership.
The appeal related to three leasing transactions undertaken by leasing partnerships purchased by Investec. In each of the transactions Investec had acquired an interest in a partnership entitled to lease receivables and become a partner in that partnership with a view to the partnership realising the receivables and making distributions to Investec. HMRC had disallowed expenditure claimed by Investec in relation to its acquisition of the partnership interests.
In a decision released in April 2018 (see TJ 11 April 2018) the UT had decided four preliminary issues in relation to the acquisition of leasing partnerships by Investec. By way of recap the UT observed that:...
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