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).

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.