Where a person already has contractual relations with another, his assumption of a fiduciary role in relation to that other will not necessarily require him to abandon his own contractual interests. (1874-5) LR 7 HL 318, (1872) LR 8 LRCh App 309 England and Wales Citing: Appeal from – Vyse v Foster CA 1872 James … Continue reading Vyse v Foster: HL 1874
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The Court was asked whether interest payable under rule 14.23(7) of the Insolvency Rules 2016 is ‘yearly interest’ within the meaning of section 874 of the Income Tax Act 2007. If so, the administrators must deduct income tax before paying interest to creditors. Lehmann Brothers had become insolvent, but in the administration a substantial surplus … Continue reading Revenue and Customs v Joint Administrators of Lehman Brothers International (Europe): SC 13 Mar 2019
Receivers’ payment of statutory interest gross Substantial sums were to be repaid to creditors after the administration of Lehman Brothers produced a substantial surplus. The sums were to carry interest and the court now considered whether the sums due amounted to ‘yearly interest’ under section 874. Held: The statutory interest to be paid under Rule … Continue reading Lomas and Others v HM Revenue and Customs: ChD 11 Oct 2016
FTTTx Income Tax – Interest payments made by United Kingdom company to offshore trusts/companies – Whether interest ‘arising in the United Kingdom’ within the meaning of s 874 Income Tax Act 2007 – Whether unpublished decision of Special Commissioner should be cited – Effect of citation of unpublished decision of Special Commissioner on subsequent decision … Continue reading Ardmore Construction Ltd v Revenue and Customs: FTTTx 13 May 2014
The case concerned the liability of Captain Barnato for super-tax on the sums which he received under a judgment for an account against his former partners in the dissolved firm of Barnato Brothers. The sums found due on the taking of the account included an award of interest on the capital sums due down to … Continue reading Inland Revenue Commissioners v Barnato: CA 1936
A defaulting trustee who had misappropriated trust property entered into a deed dated 27 March 1930 by which he covenanted to pay a principal sum which was made up of the amount of the trust monies he was obliged to account for together with compound interest at 5 per cent per annum up to 1 … Continue reading Barlow v Inland Revenue Commissioners: 1937
Lady Justice Gloster Vice-President of the Court of Appeal, Civil Division, Lord Justice Patten, and Lord Justice David Richards [2017] EWCA Civ 2124, [2018] Bus LR 730, [2018] STI 259, [2018] STC 385, [2018] BTC 5 Bailii England and Wales Citing: Appeal from – Lomas and Others v HM Revenue and Customs ChD 11-Oct-2016 Receivers’ … Continue reading Revenue and Customs v Lomas and Others (Administrators of Lehman Brothers International (Europe)): CA 19 Dec 2017
The defendant solicitors had acted for a purchaser, Crowngate, which had agreed to buy a property from a company called Mirage for andpound;775,000. Crowngate had arranged however that the property would first be passed through a chain of two intermediate purchaser companies, Panther and Kohli, with Kohli then selling to Crowngate at a stated price … Continue reading Target Holdings Ltd v Redferns (A Firm) and Another: HL 21 Jul 1995
The courts of Scotland followed the civil law in the award of interest on damages. The court gave examples of the way in which they apply the ex mora rule when calculating the interest payable in a judgment. If money was wrongfully withheld, then the courts had power to award interest during the period of … Continue reading Jefford v Gee: CA 4 Mar 1970
In the course of the insolvent administration of the bank, substantial additional sums were received. Parties appealed against some orders made on the application to court for directions as to what was to be done with the surplus. Held: The Court considered the so called waterfall of distributions made on liquidation which proved to be … Continue reading LB Holdings Intermediate 2 Ltd, The Joint Administrators of v Lehman Brothers International (Europe), The Joint Administrators of and Others: SC 17 May 2017
The amount of interest payable on compulsory purchase of land depends upon the value given to the land and the length of the period from the time of entry until reinstatement, the period during which the claimant is dispossessed. During that time, and possibly thereafter the owner has neither the land nor its value, and … Continue reading Riches v Westminster Bank Ltd: HL 1947
A purchaser liable to pay interest on his purchase-money may deduct income tax from such interest. It was the practice to deduct the tax from the interest on debts upon promissory notes and the like in the offices of the Masters in Chancery. The tax is not deducted on payment of purchase-money into Court ; … Continue reading Bebb v Bunny: 22 Dec 1854
The question was as to the scope of the words ‘yearly interest’ used in the Income Tax Acts of 1842 and 1853. The bankers of certain overseers for the poor allowed the latter by arrangement half-yearly interest at an agreed-on rate on the daily balances standing at their credit. The overseers claimed exemption for income … Continue reading Garston Overseers v Carlisle: 1915
The plaintiffs, as the urban authority of a borough, had under s. 150 of the Public Health Act, 1875, and the Gateshead Improvement Act 1867, some years before action brought paved and made up certain streets, and had from time to time apportioned the expenses thereof among the owners of the premises fronting thereon. The … Continue reading Mayor and Others of Gateshead v Lumsden: CA 10 Mar 1914
Lord Maugham said that for a payment to be an ‘annual payment’ within the meaning of rule 21 it ‘must be taken to have, like interest on money or an annuity, the quality of being recurrent or being capable of recurrence’. Lord Maugham [1937] AC 785, [1937] 3 All ER 381 England and Wales Cited … Continue reading Moss Empires Ltd v Inland Revenue Comrs: HL 1937
(1911) 2 KB 550, [1911] UKLawRpKQB 118 Commolii England and Wales Cited by: Cited – Revenue and Customs v Joint Administrators of Lehman Brothers International (Europe) SC 13-Mar-2019 The Court was asked whether interest payable under rule 14.23(7) of the Insolvency Rules 2016 is ‘yearly interest’ within the meaning of section 874 of the Income … Continue reading In Re T Cooper: CA 2 Jun 1911
Interest upon a loan by a banker to a customer for a period of less than a year is not within the words ‘ any yearly interest of money or any annuity or other annual payment ‘ in 16 and 17 Viet. c. 34, s. 40, and therefore the customer is not entitled to deduct … Continue reading Sadler v the South Staffordshire and Birmingham District Steam Tramways Co: CA 26 Jun 1889
Lord Denning MR said: ‘The words ‘short loan’ are not used in the statute: it is a mistake to place too much emphasis on them. The real question is whether the interest payable is ‘yearly interest of money’. Interest is ‘yearly interest of money’ whenever it is paid on a loan which is in the … Continue reading Corinthian Securities Ltd v Cato: CA 1970
In each case the local authority sought to recover possession of its own land. In the Lambeth case, they asserted this right as against an overstaying former tenant, and in the Leeds case as against gypsies. In each case the occupiers said that the recovery of possession interfered with their right respect for their family … Continue reading Kay and Another v London Borough of Lambeth and others; Leeds City Council v Price and others and others: HL 8 Mar 2006
Right of Recovery of Money Paid under Mistake Kleinwort Benson had made payments to a local authority under swap agreements which were thought to be legally enforceable when made. Subsequently, a decision of the House of Lords, (Hazell v. Hammersmith and Fulham) established that such swap agreements were unlawful. Kleinwort Benson then sought restitution of … Continue reading Kleinwort Benson Ltd v Lincoln City Council etc: HL 29 Jul 1998
INCOME TAX – deduction of tax at source – whether ‘interest arising in the United Kingdom’ – ITA 2007, s 874 – source of interest – test to be applied – whether a multi-factorial test, a test of nationality of the loan document or a place of credit . .
