Ingenious Games LLP and Others and The Commissioners for HM Revenue and Customs:[2019] UKUT 0226 (TCC)
Upper Tribunal Tax and Chancery decision of Mrs Justice Falk and Judge Herrington on 26 July 2019.
Read the full decision in .
INCOME TAX AND CORPORATION TAX –– LLPs established to carry on activities relating to the production of films and games – individual members of the LLPs making capital contributions for membership – funding also coming from commissioning distributor – Whether activities carried on by the LLPs constituted a trade – Whether activities of the LLPs carried on with a view to profit – Whether expenditure incurred by the LLPs equal to 100% of production budget of film or game – Whether expenditure incurred wholly or exclusively for purposes of LLPs’ trade – Whether LLPs’ accounts compiled in accordance with generally accepted accounting practice – Whether LLPs’ expenditure on film and games rights was capital expenditure for tax purposes – Income Tax (Trading and Other Income) Act 2005, ss 25, 26, 33, 34, 863 – Corporation Tax Act 2009 ss 46, 47, 53, 54, 1262, 1273.