20 March 2015
UT Decision: HMRC v Hamilton & Kinneil (Archerfield) Ltd
INCOME TAX /CORPORATION TAX – Losses – interpretation of s118ZC ICTA 1988 limit on loss relief for members of LLPs – whether appellant’s third share in capital of LLP was “contributed” as capital (s118ZC(3) ICTA) on basis that this was the amount appellant had exposed to risk– no – whether appellant’s third share was included in amount the appellant was “liable to contribute” to the assets of the LLP in the event LLP was wound up (s118Z(4)(a) ICTA) – no – appeal from Tax Chamber allowed
Julian Ghosh QC & Thomas Chacko, instructed by Springfords, acted for the Respondents.
Click here for the full decision.
This content is provided free of charge for information purposes only. It does not constitute legal advice and should not be relied on as such. No responsibility for the accuracy and/or correctness of the information and commentary set out in the article, or for any consequences of relying on it, is assumed or accepted by any member of PCTC or by PCTC as a whole.