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Decision Number: |
TC 01963 |
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Appellant:
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Eclipse Film Partners No 35 LLP |
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Respondent:
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The Commissioners for Her Majesty's Revenue & Customs |
Chairmen / Special
Commissioners: |
A Edward SADLER
John L WALTERS QC
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Date Of Decision:
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20/04/2012 |
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Main Category:
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INCOME TAX/CORPORATION TAX |
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Main Subcategory:
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Other |
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Notes:
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Income tax – limited liability partnership acquired licence to film rights and
sub-licensed rights to distributor – complex financing arrangements
involving loans to members of the partnership and defeasance deposit by the
distributor – whether partnership carrying on a trade ( a precondition for
members to claim relief for a prepayment of interest on their borrowings) – s
362 Taxes Act 1988 – whether the arrangements as a whole were designed to
give a series of pre-determined cash flows with object of giving members
allowable interest payments – whether licensing of film rights was a trading
activity – partnership not carrying on a trade, but a non-trade business –
appeal dismissed. |
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Decision(s) to Download:
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TC01963.pdf 
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