Ingenious hits back over ongoing tax case coverage

The film production partnership firm has been in an ongoing court dispute with HM Revenue & Customs (HMRC) since 2002. Ingenious' latest statement followed the recent "supplementary decision" by the first-tier tribunal on the extent to which film production costs were capital and not tax deductible. The tribunal ruled to reduce the proportion of the costs eligible for tax relief from 30% to around 4%, as it deemed this amount constituted ‘capital' and not ‘revenue'. Ingenious claimed this decision "clarified a technical point" on the tribunal's previous ruling, in August 2016, that...