The Commissioners for HM Revenue and Customs v Hamilton and Kinneil (Archerfield) Limited and Others: [2015] UKUT 0130 (TCC)

Upper Tribunal Tax and Chancery decision of Mr Justice Warren on 20 March 2015.

• From: HM Courts & Tribunals Service and Upper Tribunal (Tax and Chancery Chamber)
• Published: 1 December 2016

• Category: Tax
• Release date: 20 March 2015

Read the full decision in The Commissioners for HM Revenue and Customs v (1) Hamilton and Kinneil (Archerfield) Limited (2) Archerfield Estates Limited (3) H&K Enterprises Limited: [2015] UKUT 0130 (TCC).

INCOME TAX /CORPORATION TAX - Losses – interpretation of s118ZC ICTA 1988 limit on loss relief for members of LLPs - whether appellant’s third share in capital of LLP was “contributed” as capital (s118ZC(3) ICTA) on basis that this was the amount appellant had exposed to risk– no - whether appellant’s third share was included in amount the appellant was “liable to contribute” to the assets of the LLP in the event LLP was wound up (s118Z(4)(a) ICTA) – no - appeal from Tax Chamber allowed.

Published 1 December 2016