Tax tribunal throws out film scheme appeal

Eclipse 35 was a Limited Liability Partnership which claimed, through a complex series of financial transactions, to enable its 287 partners to obtain tax relief on their general income. It was promoted by Future Capital Partners and first used in tax year 2006-2007. But HM Revenue and Customs (HMRC) believed Eclipse 35 did not work, and two courts, the First Tier Tribunal in 2011 and, now, the Upper Tribunal, agreed with that view. Exchequer Secretary David Gauke, welcoming the judgement, said: "The government wants to support and encourage genuine business investment through the ...