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Tax, Joint venture and partnership disputesMonday 25 September 2023

Tax Tribunal decision on whether partnership structure involved trading

The First-tier Tax Tribunal has given judgment in the case of Gala Film Partners LLP v HMRC [2023] UKFTT 699 (TC). The case concerns a number of issues of general importance relating to the activities of a film-related limited liability partnership, including, among others, whether or not the activities of the partnership amounted to a trade; if so, whether the partnership’s expenditure was tax deductible as wholly and exclusively for the purpose of the trade; whether the partnership’s activities were carried on with a view to profit; and whether or not the partnership’s accounts complied with generally accepted accounting practice (GAAP). The Tribunal found, among other things, that the partnership was not trading and dismissed the appeal.

Jonathan Davey KC acted for the successful respondents along with Imran Afzal (Field Court Tax Chambers), Nicholas Macklam (Radcliffe Chambers) and Sam Chandler (5 Stone Buildings).

You can read the judgment here.

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