
The FTT has released its decision in Millican v HMRC [2024] UKFTT 618 (TC), allowing Mr Millican’s appeal. The FTT held that the carried interest was not taxable under the regime in Chapter 5 of Part 3 of TCGA 1992 as the investment management services were performed solely “in respect of” the joint venture entity, which it was common ground was not a collective investment scheme. In particular, the FTT stated that “in respect of ” requires the services to relate to the relevant entity itself.
John Gardiner KC and Sarah Black acted for Mr Millican. The decision can be found here.