In The Queen on the application of Mr De Silva and another v HMRC [2016] EWCA Civ 40 (2 February 2016) the High Court dismissed an appeal for judicial review of HMRC’s decision to reduce loss relief in relation to film partnerships investments.
The appellants were limited partners in a number of film partnerships. The partnerships had entered into a compromise agreement with HMRC (under TMA 1970 s 54) which provided that the partnerships would be allowed losses at a considerably lower level than claimed in their tax returns. HMRC had then written to the partners explaining that their individual tax returns would be amended to only allow claims to carry-back partnership trading losses to reflect the losses agreed in the partnership settlement agreement. The partners had applied for judicial review of this decision as there was no right of appeal.
The partners contended that their...
