- Rights to income from films are capital in nature (Ingenious v HMRC)
- Original news
- What are the practical implications of this case?
- What was this case about?
- HMRC's argument
- LLPs' argument
- What did the FTT decide?
- Case details
Tax analysis: The First-tier Tax Tribunal (FTT) has found that, following the October 2016 adjournment of two film LLPs’ appeals against HMRC closure notices, the LLPs’ expenditure on rights to acquire the income from certain films was capital expenditure and therefore those amounts were not deductible when the LLPs were computing taxable profits.
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