In Seven Individuals v HMRC [2017] UKUT 132 (31 March 2017) the UT found that individual partners in the Icebreaker partnerships were not entitled to sideways loss relief in relation to the losses realised by the partnerships.
Following the UT’s dismissal of the appeals by the Icebreaker partnerships in Acornwood [2016] UKUT 361 and Bastionspark [2016] UKUT 425 the UT now had to decide whether the individual members of the LLPs could obtain sideways loss relief; and whether they could set their individual share of their LLP’s trading losses against other income for income tax purposes. Seven individuals were chosen as a representative cross-section of the individual members of the Icebreaker LLPs.
The UT accepted the FTT’s conclusion that a trade which is virtually certain to lead to a loss cannot realistically be described as commercial. The UT agreed...
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In Seven Individuals v HMRC [2017] UKUT 132 (31 March 2017) the UT found that individual partners in the Icebreaker partnerships were not entitled to sideways loss relief in relation to the losses realised by the partnerships.
Following the UT’s dismissal of the appeals by the Icebreaker partnerships in Acornwood [2016] UKUT 361 and Bastionspark [2016] UKUT 425 the UT now had to decide whether the individual members of the LLPs could obtain sideways loss relief; and whether they could set their individual share of their LLP’s trading losses against other income for income tax purposes. Seven individuals were chosen as a representative cross-section of the individual members of the Icebreaker LLPs.
The UT accepted the FTT’s conclusion that a trade which is virtually certain to lead to a loss cannot realistically be described as commercial. The UT agreed...
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