The Nigel Blackwell Family Trust & Ors v The Commissioners for HMRC

Facts

The appellants, the Nigel Blackwell Family Trust and others, are pursuing a substantive appeal against HMRC under eight appeal references. The underlying dispute is whether a Loan and Security Agreement dated 6 November 2020 between Immunocore Ltd and Oxford Finance Luxembourg SARL was a "security" within the meaning of section 247(1)(a) of the Income Tax Act 2007 and paragraph 8(6) of Schedule 5B to the Taxation of Chargeable Gains Act 1992. If the agreement was a security, gains deferred by Enterprise Investment Scheme deferral relief crystallised when the appellants' shares in Immunocore Ltd were transferred to Immunocore Holdings plc. If it was not, the share transfer formed part of a reconstruction satisfying the relevant statutory conditions, and the deferred gains remained unrealised. Before any substantive hearing date had been fixed, the appellants applied under rule 15(1)(c) of the Tribunal Procedure (First-tier Tribunal) (Tax Chamber) Rules 2009 for permission to adduce expert evidence. The proposed expert was said to have experience in the secondary market for loans and debt instruments, and would address whether there were realistic third-party purchasers for the agreement, whether a market existed for loans of that kind, and how far the agreement had the characteristics of a marketable investment. The appellants also sought expert evidence on New York law, which governs the agreement. They said the evidence was needed because HMRC's case rested on assumptions about hypothetical purchasers. HMRC opposed the application, which was heard on 13 July 2026.