In this article, Derek Francis examines the complexities of the decision in Trustees of the Morrison 2002 Maintenance Trust v HMRC in which the First-tier Tax Tribunal (FTT) had to decide whether a tax avoidance scheme fell to be treated as a single composite transaction.

This article originally appeared in Lexis®PSL in May 2016 and is reproduced here with the kind permission of LexisNexis.