York SD Ltd and Others v HMRC: What the Rooftop Solar EIS Appeal Means for Investors and Companies
The Upper Tribunal has granted partial permission to appeal in York SD Limited and Others v HMRC, a case examining whether a single rooftop solar panel installation could satisfy the EIS “qualifying business activity” requirement before six companies scaled up into much larger overseas solar projects. We break down the tribunal’s reasoning, the high bar for challenging findings of fact, and what the decision, read alongside Putney Power v HMRC, means for companies and investors relying on EIS relief.