Tag Archives: Invicta

LTAG to contact partners in affected LLPs

LTAG is aware of a significant number of LLPs where partners are not fully aware of the LTAG Judicial Review which will claim that HMRC is out of time to collect repayments of tax that have been made to LTAG members in the past.

In the course of the next week many partners will be contacted directly, by physical post, so that they are aware of the LTAG case and can decide if they have the “legal standing” to join the claim.

LLPs that may have partners who could benefit from the LTAG case include LLPs in the major promoters such as Ingenious, Future Capital Partners, Icebreaker, Invicta, Scott’s Atlantic, Aquarious and Arcade to name but some.

If you are not contacted directly by LTAG and would like to know more about the LTAG case please contact us via JOIN LTAG

HMRC wins some cases at LLP level but has not addressed repayments made to individuals

Recently, HMRC has won a number of large legal claims at Tribunal, higher level courts or indeed in settlement with LLPs without court action. Specifically, we think about claims against Ingenious, Proteus, Samarakand, Icebreaker and Invicta.

While resolving an LLP position may be one thing – for example trading or not, commerciality etc – the treatment of individual taxpayers is another thing completely. The LTAG position, that will be heard at Judicial Review, is that HMRC need to follow statutory steps in order to recover repayments made. HMRC does have a variety of remedies it can use but any remedy needs to be valid in law.

The LTAG claim has now been reviewed by many in the legal and tax professions and is seen to be substantive and outside of what did an LLP do or not do. What is more relevant is what did HMRC do or not do.

Please contact LTAG if you are in one of the recently decided claims to see if the LTAG claim may be of benefit to you.

LLPs that may benefit from LTAG

The LTAG team is small and we have by no means reviewed all the LLPs that may benefit from the LTAG claim.

Nonetheless, we have identified a number of LLPs from various promoters where we believe the fact patterns may match the LTAG claim.

In no particular order these include but are not restricted to:

Timeless Releasing LLP, Imagine 1,2 & 3 LLPs, Oasis 1,2 & 3 LLPs, Fortitude LLP, Prestige LLP, Resolve LLP, Discovery LLP, Insight LLP, Terra Nova LLP, Foundation LLP, Ingenious Film Partners 1,2 & 3 LLPs, Inside Track Productions LLP, Inside Track 1,2 & 3 LLPs, Ingenious Games 1-8 LLPs, Little Wing LLPs, Scotts Atlantic LLPs, Tower 3,4 & 5 LLPs, MCashback LLP, Proteus & Samarakand LLPs, Invicta Gala LLPs, Matrix LLPs.

If you are a partner in one of these LLPs it would be to your advantage to contact LTAG to determine if this claim may apply to your own situation.   Please complete the enquiry form at our page JOIN LTAG