ICEBREAKER PARTNERSHIPS' LEAD APPEALS DISMISSED

摘要

The Upper Tribunal has dismissed the lead appeals by various Icebreaker partnerships, upholding the First Tier Tribunal (FTT) decision in Acornwood LLP v Revenue And Customs [2016] UKUT 361. Five limited liability partnerships (LLPs) appealed against the FTT decision disallowing expenditure by the LLPs. The members who participated in the partnerships had contributed some money of their own and borrowed money to the LLPs, in order to provide finance for creative projects. Each LLP claimed to have made a significant trading loss in its first year which the individual members claimed as an allowable loss against their income tax liability.