£Billion win for UK taxpayers

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Source: HMRC Press Release 15 November 2017

HMRC had already defeated the partnerships’ excessive claims to loss relief from investing in films and the Supreme Court has today (15 Nov 2017) agreed with HMRC’s actions in challenging tax deduction claims arising out of the failed schemes.

The Supreme Court’s decision means that attempts to use technical and procedural points to avoid payment of the correct tax at the correct time have failed.

“The Supreme Court today (15 Nov 2017) ruled against users of a failed tax avoidance film partnership scheme which tried to use legitimate investment in the film industry as a hook for tax avoidance.

The ruling will potentially protect well over one billion pounds for the UK.

HMRC defeated the avoidance scheme, in which De Silva and Dokelman participated, in court but they argued on a technicality that HMRC could not overturn their loss relief claims. The Supreme Court has disagreed – ruling in favour of HMRC and ensuring that these taxpayers, and others waiting for this ruling, will now have to pay their tax.

HMRC Director General for Customer Strategy & Tax Design, Jim Harra said:

“This is another great success in HMRC’s drive against tax avoidance. HMRC defeated De Silva and Dokelman’s tax avoidance scheme but they still argued on a technicality that the department could not collect the tax. The Supreme Court’s decision in favour of HMRC on this point will ensure that these taxpayers and others waiting behind their case will have to pay what they owe.””

Source Press Release here

 

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