HMRC wins £500 million judgment in Supreme Court

HM Revenue and Customs opened an enquiry into the claim to tax relief for losses from a later year. The taxpayer contested HMRC’s right to refuse any tax relief during the enquiry, but the Supreme Court upheld HMRC’s appeal. 

HMRC welcomes the Supreme Court decision as a significant deterrent against the “cash flow” advantages which could otherwise be open to users of personal tax avoidance schemes. 

Around 200 users of this particular scheme may be affected by the Supreme Court’s decision.