The taxpayer sought to set off against tax some pounds 200,000 spent defending professional disciplinary proceedings. The House was asked whether this was ‘money wholly and exclusively laid out or expended for the purposes of the trade.’ Held: Where legal costs had been incurred in the defence of professional misconduct proceedings in order to protect … Continue reading McKnight (Inspector of Taxes) v Sheppard: HL 18 Jun 1999
Housing association which was registered under Act is an investment company and is to carry a profit charge. Citations: Times 01-Jan-1997 Statutes: Industrial and Provident Act 1965, Income and Corporation Taxes Act 1988 130 Jurisdiction: England and Wales Corporation Tax Updated: 19 May 2022; Ref: scu.79477
An investment company made an abortive attempt to take over another. It sought to set off against its Corporation Tax, the costs of the professional advice incurred. Held: The expenses were deductible. Judges: Lord Justice Chadwick Vice-Chancellor, The Vice-Chancellor Lord Justice Carnwath Citations: [2004] EWCA Civ 541, Times 27-May-2004, Gazette 03-Jun-2004, [2004] BTC 190, [2004] … Continue reading Atkinson (HM Inspector of Taxes) v Camas Plc: CA 6 May 2004
