The Commissioners for HM Revenue and Customs v Mr Peter Vaines: [2016] UKUT 0002 (TCC)

Upper Tribunal Tax and Chancery decision of Judge Gammie CBE QC and Judge Powell on 28 January 2016.

Read the full decision in The Commissioners for HM Revenue and Customs v Mr Peter Vaines: [2016] UKUT 0002 (TCC).

PARTNERSHIP – whether a member of a limited liability partnership was entitled to deduct a payment of €300,000 (£215,455) to settle German litigation in computing his liability to tax on his share of LLP profits – whether the payment was an expense incurred wholly and exclusively for the purposes of the LLP’s trade or of the individual member’s ‘notional’ trade – whether the payment was revenue or capital expenditure.

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