The Ocean Finance case has now been sent back to the FTT by the Court of Appeal, having already been considered by the ECJ. (The legal route itself is an interesting, if circuitous one.)
The company had re-structured and re-located to Jersey, to mitigate its VAT losses. The actual assessment was for £10m, covering 2½ years. But, was the arrangement ‘avoidance’ such that HMRC should re-determine the supplies made, and the VAT due thereon?
The CA considered other leading tax avoidance decisions and made measured criticism of the FTT and UT decisions in Ocean Finance. The decision is not an easy read, but it fairly addresses the various factors to be considered in relation to alleged avoidance.
You can read the Court of Appeal decision here: http://www.bailii.org/ew/cases/EWCA/Civ/2018/791.html
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