Source: HMRC Press Release 17 March 2017
HM Revenue & Customs (HMRC) has won a tax avoidance case against film partnership schemes that acquired interests in films that included The Queen and the Roman Polanski remake of Oliver Twist, protecting more than £26m of taxpayers’ money.
The court confirmed HMRC’s view that the partnerships were not trading and there were never any losses available to investors to reduce their tax bills. The decision could potentially impact on other cases worth £286 million.
The Court of Appeal has now dismissed the tax and judicial review appeals. It has also refused the appellants permission to appeal to the Supreme Court. If they wish to seek permission from that Court, they must file their application by 24 March 2017.