Tax

The Upper Tribunal upheld the First-tier Tribunal’s finding that on a purposive construction of the relevant legislation (paragraph 14A(3) of Schedule 13 to the Finance Act 1996), the statutory language was to be interpreted more broadly than the Appellant contended for, and, therefore, on the facts of the case, the “transfer” in question comprised the aggregate of two amounts including, significantly, a payment made for the assignment of the option (as contended for by the Respondents) rather than just one amount (as contended for by the Appellant).

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Acted for the successful respondents in a case concerning issues relating to the activities of a film-related llp, including, among others, whether or not the activities of the partnership amounted to a trade; if so, whether the partnership’s expenditure was tax deductible as wholly and exclusively for the purpose of the trade; whether the partnership’s activities were carried on with a view to profit; and whether or not the partnership’s accounts complied with generally accepted accounting practice (GAAP).

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The case concerns whether or not a home loan inheritance tax scheme designed to remove the value of a freehold interest in real property from an individual’s inheritance tax estate whilst at the same time enabling the individual in question to continue to live in the property rent-free achieves its intended effect. The Tribunal found that on the proper construction of the applicable legislation, including section 103 of the Finance Act 1986, which deals with the treatment of certain debts and incumbrances, the scheme failed to achieve its intended effect. The Tribunal’s conclusion, which is in line with its decision of earlier this year in the case of Pride v HMRC [2023] UKFTT 00316 (TC), is of wide importance given the use of home loan inheritance tax schemes in relation to real property over several years up and down the country.

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The case concerns whether or not a “home loan double trust” inheritance tax scheme designed to remove the value of real property and/or related loan notes from an individual’s estate for inheritance tax purposes achieves its intended effect. The case is of wide importance given the use of home loan inheritance tax schemes in relation to real property over several years up and down the country.

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The case concerns the availability of business premises renovation allowances, a form of capital allowances, under the Capital Allowances Act 2001, in relation to the conversion of a property into a hotel situated near Luton airport. The case is the first occasion on which the Court of Appeal has considered the legislation in question, which applies in respect of numerous commercial property developments up and down the country.

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A First-tier Tribunal appeal regarding a pre-planned tax scheme involving the disposal of gilt strips. The issues raised in the appeal include the meaning of the phrase “the amount payable on the transfer” (paragraph 14A(3) of Schedule 13 to the Finance Act 1996). The FTT (Judge Heidi Poon) held that on a purposive construction of the relevant legislation, the phrase “the amount payable on the transfer” was to be interpreted more broadly than the Appellant contended for, and, accordingly, on the facts of the case, the “transfer” in question comprised the aggregate of two amounts including a payment made for the assignment of an option.

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The highest value, longest running and most complex piece of tax litigation in more than a generation. A £1.6 billion dispute regarding the proper tax analysis in respect of partnerships involved in the film and games industries.

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Court of Appeal pensions/tax decision on meaning of “payment” in context of unauthorised payments charge regime and on nature of “discovery” assessments.

A dispute concerning taxation applicable in relation to complex gilt strip structure.

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A high-value test case concerning issue of wide public importance regarding whether inheritance tax “home loan” structures amount to tax avoidance. Substantial coverage and interest in industry press.

A case concerning eligibility of German statutory pension schemes to register, unlawful discrimination.

A high-value, high-profile Court of Appeal test case affecting thousands of people regarding key inheritance tax provisions relating to “gifts with reservation” in relation to family homes.

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A case concerning the interaction between corresponding deficiency relief and rate of CGT.

£400 million dispute concerning taxation of Icebreaker film scheme.

Dispute regarding employee trusts and the meaning of section 28(4) of the Inheritance Tax Act 1984.

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Film scheme partnership case concerning trading and sideways loss relief.

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Pension scheme case concerning tangible moveable property and convention compatibility of tax charge on members.

Discovery assessment and preliminary hearings.

Case concerning taxation of royalties receivable by trustees and issue of whether income or capital.