A recent decision by the tax tribunal in the Ingenious film case should not be construed as an "outright victory" according to a regulatory lawyer, who said neither side has yet won the case.
BDO Tax Dispute Resolution partner Dawn Register said investors would still suffer "real financial loss" from the tribunal's decision and could be taking further legal action to achieve full tax reimbursement. On 2 August the first tier tribunal ruled in favour of granting partial tax relief to two of three Ingenious Film subsidiaries investigated by HM Revenue & Customs (HMRC) for tax avoidance. HMRC had taken interest in Ingenious Film's partnership investments in 2012 after investors were deemed to be claiming tax relief on more money than they had invested. HMRC alleged they w...
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