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HMRC is offering members of the Eclipse Film LLPs an opportunity to settle. This comes in light of the tax tribunal and Court of Appeal decisions that Eclipse Film Partners (number 35) LLP was not trading and as a result HMRC’s view is that Eclipse members are not entitled to the Eclipse interest relief which they had claimed .
HMRC says it will contact all current or former members of any Eclipse LLPs. This opportunity will be open for acceptance for six months from the date of HMRC’s notification.
Individuals who decided to accept must:
- give up their Eclipse interest relief claims and pay the tax avoided;
- pay the interest on the tax paid late; and
- give up any legal actions which are part of other Eclipse related litigation involving HMRC.
Payment arrangements can be tailored to individuals’ circumstances if necessary.
HMRC says in exchange it will...
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