Jonathan Peacock QC and Michael Ripley consider what significance lies in a contention that ‘money goes around in a circle’ after the decision in Tower MCashback and identify what exactly was decided in Ensign Tankers, MacNiven and BMBF v Mawson in this regard
Now that the Supreme Court has spoken in Tower MCashback and the dust has settled a little it is appropriate to address the significance if any of the familiar contention on the part of HMRC that some desired tax treatment is not available where ‘money goes around in a circle’.
Superficially...
