DELPHI DERIVATIVES LIMITED (in Members’ Voluntary Liquidation) v HMRC [2026] UKUT 00021 (TCC)

Upper Tribunal Tax and Chancery Decision of MR JUSTICE MARCUS SMITH and JUDGE GUY BRANNAN on 19 January 2026

• From: HM Courts & Tribunals Service and Upper Tribunal (Tax and Chancery Chamber)
• Published: 22 January 2026

• Category: Tax
• Release date: 19 January 2026

Read full decision: DELPHI DERIVATIVES LIMITED (in Members’ Voluntary Liquidation) v HMRC

PENALTIES – Schedule 24 Finance Act 2007 – Employee Benefit Trust (‘EBT’) – EBT contributions made via service provider – allocations to sub-trusts for loans to be advanced to directors – Scheme ineffective to avoid income tax and national insurance on contributions into sub-trusts following Rangers – inaccuracies in returns for omission of PAYE and NICs on loans made via the sub-trusts – whether inaccuracies ‘careless’–  whether inaccuracy caused by carelessness – whether inaccuracy in relation to the last tranche ‘deliberate’

Published 22 January 2026