“…ructured their arrangements that way, instead the MAPs had been assigned and the tax consequences should follow the structure actually adopted. Ingenious Games [2019] UKUT 226 (TCC) supported that submission, because in that case, from the time of execution, the lender rather than the taxpayer was the person entitled to the receipts: see […”
“…lable, namely two decisions of the First Tier Tribunal (“the FTT”) at [2016] UKFTT 521 (TC) and [2017] UKFTT 429 (TC), that of the Upper Tribunal (“the UT”) at [2019] UKUT 226 (TCC), and that of this Court at [2021] EWCA Civ 1180. For present purposes it is sufficient to say that the FTT decided among other things that, on a true analysis …”
“…Mr Ghosh drew support from the Decision of the Upper Tribunal in Ingenious Games LLP v HMRC [2019] UKUT 226 (TCC), [2019] STC 1851. The UT there expressed the view, obiter, that the expenditure which the taxpayers sought to deduct was not “incurred” for the purposes of sec…”