TRIBUNAL RULES AGAINST ECLIPSE 35

摘要

The high profile Eclipse 35 film partnership scheme, which was made up of wealthy individuals, has lost its appeal after the Upper Tribunal finally ruled that the arrangement which had been marketed as a tax-efficient way to invest in the industry, does not deliver the tax relief it claimed. In the case, the Upper Tribunal upheld the original FTT decision and ruled in favour of HMRC (Eclipse Film Partners (No. 35) LLP v HMRC [2013] UKUT 0639 (TCC)). Eclipse 35 was a Limited Liability Partnership (LLP) which claimed, through a complex series of financial transactions, to enable its 287 partners to obtain tax relief on their qeneral income.