Taxpayer victory in tonnage tax case

The FTT has found in favour of the taxpayer in Unicorn Tankships Ltd v HMRC [2019] UKFTT 0689 in the first case to consider the capital allowances consequences of exiting the tonnage tax regime. The case examines the relationship between a ring-fenced regime and the normal capital allowances rules. Francis Fitzpatrick QC acted for the successful taxpayer.