The case concerned tax avoidance schemes which were marketed by the Ingenious Media Group to wealthy individual taxpayers in the tax years 2002-03 to 2009-10 inclusive.

HMRC lost on the two big issues of ‘trading’ and ‘trading with a view to profit’ and have been refused permission to appeal to the Supreme Court. Ingenious Games lost on the smaller issue of the Games LLP but claimed this was ‘illogical because the structure was the same’ and the firm said ‘we’ll try to find a way back’.

This decision only covers 4% of the claimed losses, so the vast majority had already been protected by earlier decisions.