Para 136 et seq is interesting re Reg 72 & 81 being otiose effectively! Also interesting that the taxpayer's TOAA EBT expense argument was approved at para 169 (but I’m not sure why associated operations does not cause the income to be taxed under TOAA in the EBT itself - which has no immediate expenses to offset the transfer in of the funds from the promotor).
FTT did not consider whether the Standstill provisions block the FMC defence (on the basis that the TOAA legislation is substantially the same as 1993). Perhaps the argument was not raised by HMRC’s QC (the SC recently confirmed Guernsey is a 3rd country so FMC applies in principle).
Interesting also that the FTT followed wholeheartedly the recent ECJ case cited in para 181 re tax avoidance motives disapplying EU freedoms.