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The implications of the Supreme Court judgment in Eclipse 35 that investors will not receive loss relief against other income.
KEY POINTS
- The Supreme Court has refused permission for an appeal against the judgments of the lower courts in favour of HMRC.
- Film scheme investors may now be unable to recover tax paid through accelerated payment notices.
- HMRC has published a list of film investments that it also regards as tax avoidance schemes.
- Will some investors be able to claim that they were mis-sold these investments?
- Court action may be possible perhaps using a group litigation order.
Several recent legal victories for HMRC have reinforced the growing view that investors in marketed avoidance schemes are unlikely to achieve results in court that will provide a lasting solution to their disputes with the department. The high-profile Supreme Court judgment against film scheme Eclipse 35 is perhaps the best current...
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