Peters & Peters currently represent a group of investors in High Court proceedings against Ingenious Media and others. The proceedings are at an early stage and are funded by an established litigation funder.
The First-Tier Tax Tribunal (FTT) released their decision on August 2 2016 (in the matter of Ingenious Games & Ors v HMRC).
The FTT’s decision is lengthy and complex, and the tax consequences of the FTT’s decision for individual investors have not yet been finalised. However, the FTT has found that the partnerships used to run the investment schemes did not operate in the way described and that the majority tax relief claimed by the partnership is not allowable.