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21 September 2015
Monitor Audio Ltd (TC4541)
The taxpayer designed and distributed loudspeakers. West Register a 100% subsidiary of RBS held 43.75% of its share capital and 26.22% of its voting rights.
The taxpayer claimed an additional 75% deduction for research and development expenditure available to small and medium-sized enterprises (CTA 2009 s 1044) for the period to 30 September 2010. It said that RBS was an institutional investor under EU Recommendation 2003/361.
HMRC refused the claim on the ground that West Register was a “partner enterprise” which is neither an institutional investor nor a venture capital company.
The taxpayer appealed.
The First-tier Tribunal said HMRC’s view taken from illustrative examples in the European Commission’s 2005 document The new SME definition user guide and model declaration on the meaning...
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