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17 May 2016 / Tessa Lorimer
Issue: 4550 / Categories: Comment & Analysis

The implications of the Supreme Court judgment in Eclipse 35 that investors will not receive loss relief against other income.


  • 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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