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Another amazing FN/APN taxpayer JR win

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HMRC will not be happy at losing this big money tax avoidance case, but decision looks right.

Good to see the CoA actually getting tax decisions right these days after many years of dodgy decisions (mostly against the taxpayer).

Taxpayers who weren't so brave and have conceded under the FN will be a bit miffed presumably and also may not be able to sue FCP now (although the FN/APN only applies to interest on borrowings c.f. the usual UK GAAP tax relief claim re the film cost write down).

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By Wilson Philips
08th Nov 2019 13:26

To be clear, HMRC did not lose on the issue of entitlement to tax relief, only on the issue of FNs and APNs.

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By richard thomas
08th Nov 2019 18:06

The panel in the CofA included Vivien Rose (who gave the only reasoned judgment), former President of the Upper Tribunal Tax & Chancery Chamber, and Ingrid Simler who was at the tax bar in Devereux Chambers, so some tax knowledge there unlike many CofA judges.

I can attest first hand to Ingrid's ability as I instructed her when I worked for the Inland Revenue in what I claim to be one of the most arcane tax cases of all time - Barrett (HM Inspector of Taxes) v Royal London Mutual Insurance Society Ltd 75 TC 261.

Vivien Rose did however just get a bit of a knock as she was party to the UT decision in Higgins, just comprehensively trashed by the CoA.

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