08 September 2023
Delphi Derivatives Ltd v HMRC
In Delphi Derivatives Ltd v HMRC, the FTT dismissed an appeal brought by a company against penalties issued under Sch 24 Finance Act 2007 in respect of its use of a marketed tax avoidance scheme. The FTT found that a loss of tax had been brought about carelessly in respect of the company’s use of the scheme because it had not taken any action to address the risks identified by its accountant if it were to enter into it. The FTT also found a loss of tax had been brought about deliberately in respect of the company’s final use of the scheme based on the facts before it.
Sadiya Choudhury acted for HMRC.
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