The Court was asked as to the appropriate Corporation Tax treatment of the novation of a portfolio of ‘in the money’ interest-rate swaps (‘the Novation’) to another company in the same group, Bank of Ireland Business Finance Limited for a premium of andpound;91 million, and the validity of a notice issued by the revenue.
Held: The email from the revenue was enough to invalidate the notice. The revenue had no capacity to both issue and suspend operation of a closure notice.
Black, Briggs, David Richards LJJ
[2016] EWCA Civ 397, [2016] WLR(D) 239
Bailii, WLRD
Finance Act 1998
England and Wales
Corporation Tax, Taxes Management
Updated: 10 November 2021; Ref: scu.563070