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KEY POINTS
- Many cases will not be afforded the benefit of the Litigation and Settlement Strategy.
- Advisers will need to carefully check computations.
- It may be beneficial to revisit previous loss claims.
- Advisers with clients who may benefit from the De Silva decision should defer settlement until the outcome.
- Interest on underpaid tax can add considerably to the total liability so calculations should be checked carefully.
Film partnerships and other tax-efficient investment schemes have been under attack from HMRC for some years. Most but not all have been based on film sale and leaseback and film production partnerships (most being limited liability partnerships). Others for example Icebreaker attempted to use GAAP write-offs of intellectual property. Also under HMRC’s microscope are schemes that sought to generate property capital allowances under...
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