Tag Archives: Proteus

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



Impact of HMRC settlements on individual taxpayers

At LTAG we have been asked a number of times what should tax-payers do where a settlement with HMRC is about to be finalised.  This is especially the case since many sale and leaseback LLP’s are awaiting the judgement on Samarkand and Proteus.  Alternatively, in some instances LLP’s are in a process of Alternative Dispute Resolution and again tax payers are left to wonder what they as individuals should do.

The position from LTAG is straightforward.  Settlements at an LLP level position the degree of relief that may be allowed or not by HMRC.  However, under certain circumstances HMRC may not be able to reclaim repayments made to tax-payers in the past irrespective of what is settled with the LLP.

Please contact LTAG to see if your circumstances will allow you to join the action group that will claim HMRC is out of time.