Thinking

Upper Tribunal dismisses HMRC's appeal and confirms that taxpayers were carrying on a business with a view to profit

Published by Jasprit Singh, Senior Associate

In HMRC v GCH Corporation Ltd and others [2026] UKUT 00219 (TCC), the Upper Tribunal dismissed HMRC's appeal and confirmed that GCH Active LLP was carrying on a business with a view to profit, for the purposes of section 59A, Taxation of Chargeable Gains Act 1992, at the time certain loan notes were transferred to it. As the requirements of section 59A were satisfied, the transfers were capital contributions, rather than disposals, and no Chargeable Gains Tax liability arose.