Tower MCashback LLP 1 v Revenue and Customs Comrs

Subject Matter

REVENUE — Corporation tax — Capital allowances — Transactions carried out to obtain fiscal advantage — Limited liability partnership entering into software licence agreements — Consideration for licences partially funded by non-recourse loans to members of partnership — Loans provided by software vendor through series of circular transactions — Whether loans expended on acquisition of software rights — Whether partnership entitled to first-year allowances — Capital Allowances Act 2001, s 45 (as amended by Finance Act 2003, ss 165, 166)

[2011] 2 AC 457; [2011] 2 WLR 1131; [2008] STC 3366; [2010] STC 809

REVENUE — Corporation tax — Self assessment — Closure notice issued disallowing claim — Taxpayer appealing — Revenue raising issues not mentioned in closure notice — Whether revenue only able to rely on issues raised in closure notice — Taxes Management Act 1970 (as amended by Finance Act 1994, ss 184, 185, 186, 189, 196, 199, Sch 19, General and Special Commissioners (Amendment of Enactments) Regulations 1994, reg 2, Schs 1, 2, Finance Act 1995, s 104, Finance Act 1996, s 123, Finance Act 1998, s 117(3), Sch 19 and Finance Act 2001, ss 88, 110, Schs 29, 33), ss 12AA, 12AB, 12AC, 28B, 31, 31A, 50

[2011] 2 AC 457; [2011] 2 WLR 1131; [2008] STC 3366; [2010] STC 809

Appellate History