CL-2018-000297, CL-2018-000404, CL-2018-000590, - [2025] EWHC 2364 (Comm)

Under the Maple Point Model, however, the tax reclaim business was different on this aspect. It was not the custodian’s business in anything akin to the way that under the Solo Model it was, in truth, the business of SCP’s GSS division. The analysis for 2015 might have been more complex if Mr Horn had succeeded in having GESL take over as custodian from Indigo. As it is, for both 2014 and 2015, in the Maple Point Model, the custodians (NCB, Indigo and Lindisfarne) were recruited as essential cogs in the transaction machinery, but in my view the business was in substance a joint venture between Maple Point and Oryx (for 2014) and WWAM (for 2015), the corporate vehicles for the business used by the DWF Ds (for 2014) and Mr Horn (for 2015). Maple Point’s role was the recruitment of USPFs to undertake the directed trading, and the introduction of the DWF Ds to NCB, and the DWF Ds developed and ran the show, with the benefit of that input as one (but only one) of the key ingredients.