After the transfer of a business to a subsidiary with payment left outstanding and no provision for interest but receiving dividends, it was not able to recover Advance Corporation Tax on that payment since it was no longer trading and had no income source. Citations: Gazette 09-Sep-1998, [1998] EWCA Civ 1098 Statutes: Income and Corporation … Continue reading Walker (Inspector of Taxes) v Centaur Clothes Group Ltd: CA 25 Jun 1998
Where a company sought to claim reliefs going back over different tax years, there was no rule requiring such reliefs to be claimed chronologically, but the company could arrange the claims against the several tax years as they best thought fit. There was no express power to order them, but the test was the absence … Continue reading Carr (Inspector of Taxes) v Armpledge Ltd; Same v Fielden and Ashworth Ltd: CA 24 May 2000
A company’s settlement of its tax affairs had to be dealt with in chronological order even though it would be from it’s point of view more tax efficient to have them dealt with in reverse order. No right of choice was given to a taxpayer. Citations: Times 12-Oct-1998 Statutes: Income and Corporation Taxes Act 1988 … Continue reading Carr (Inspector of Taxes) v Armpledge Ltd; Same v Fielden and Ashworth Ltd: ChD 12 Oct 1998
An arrangement which had the effect of mitigating tax by a pre-ordained series of steps was nevertheless upheld as valid. Transactions were not caught by anti-avoidance provisions, where they were not in fact one composite whole. Citations: Gazette 01-Mar-1995, Times 07-Feb-1995 Statutes: Income and Corporation Taxes Act 1988 239 Jurisdiction: England and Wales Corporation Tax, … Continue reading Piggott (Inspector of Taxes) v Staines Investment Ltd: ChD 1 Mar 1995
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
PAC sought to recover excess advance corporation tax paid under a UK system contrary to EU law. It was now agreed that some was repayable but now the quantum. Five issues separated the parties. Issue I: does EU law require the tax credit to be set by reference to the overseas tax actually paid, as … Continue reading Prudential Assurance Company Ltd v Revenue and Customs: SC 25 Jul 2018
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