Court of Appeal restores FTT decision on trading with a view to profit.
In Ingenious Games LLP and others v HMRC [2021] EWCA Civ 1180 (4 August 2021) the Court of Appeal (CA) restored the First-tier Tribunal (FTT) decisions that the film partnerships were trading and doing so with a view to a profit overturning the Upper Tribunal’s (UT) criticisms of the FTT decisions on those points. The FTT’s decision on the Games Partnership (that it was not trading at all) was also upheld.
The background to this case is a series of film and video games partnership investments which were marketed to high net-worth individuals on the basis that among other things the investors would be able to obtain sideways loss relief for any losses generated in the partnerships thereby reducing their underlying personal tax liability.
This appeal concerned only two...
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Court of Appeal restores FTT decision on trading with a view to profit.
In Ingenious Games LLP and others v HMRC [2021] EWCA Civ 1180 (4 August 2021) the Court of Appeal (CA) restored the First-tier Tribunal (FTT) decisions that the film partnerships were trading and doing so with a view to a profit overturning the Upper Tribunal’s (UT) criticisms of the FTT decisions on those points. The FTT’s decision on the Games Partnership (that it was not trading at all) was also upheld.
The background to this case is a series of film and video games partnership investments which were marketed to high net-worth individuals on the basis that among other things the investors would be able to obtain sideways loss relief for any losses generated in the partnerships thereby reducing their underlying personal tax liability.
This appeal concerned only two...
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