The Upper Tribunal recently issued its decision in Shinelock Ltd [2023] UKUT 107. Patrick Boch had appeared for the taxpayer. The case was concerned with the application of the loan relationship rules to a contractual payment by a company to a shareholder. The Revenue won on the basis the payment was a distribution. However, the taxpayer won on other issues, viz. that the FTT had jurisdiction to hear the appeal, the Revenue had behaved unreasonably by introducing new arguments close to the main hearing, and that the FTT had misdirected itself by deciding the case on issues not argued before it. The judgement can be read by following the link below.
Shinelock-Ltd-v-HMRC-final-decision-UT.pdf (taxchambers.com)
