- Tribunal rules against HMRC even though loan not authorised employer loan (Bayonet Ventures LLP and Ronald Keith Howard v HMRC)
- What are the practical implications of this case?
- What was the background?
- What did the court decide?
Pensions analysis: Mark Herbert QC, door tenant at Pump Court Tax Chambers, advises that the decision in Bayonet Ventures LLP (an employer of a small self-administered scheme which lent £66,000 to Bayonet under a written loan agreement) is significant in its analysis of the way in which a limited liability partnership (LLP) is treated for tax purposes, especially since similar provisions apply to other types of partnerships.
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