Ensign Tankers (Leasing) Ltd v Stokes (HM Inspector of Taxes).  BTC 110
House of Lords.
Lord Keith of Kinkel, Lord Brandon of Oakbrook, Lord Templeman, Lord Goff of Chieveley and Lord Jauncey of Tullichettle.
Judgment delivered 12 March 1992.
Corporation tax – First year allowance – Limited partnership – Taxpayer became partner in limited partnership formed to participate in scheme to obtain first year allowance for master negative of film – Partnership provided 100 per cent of production cost, 75 per cent of which borrowed on non-recourse terms from production company which was to take 75 per cent of any profits – Whether first year allowance available – Finance Act 1971, sec. 41(1).