The Trustees of an exempt approved pension scheme bought shares, and sold them at a lower price to the company. Under the 1988 Act, this operated to create a tax credit. The revenue issued a notice and assessment under Schedule F to defeat that tax credit. The trustees successfully appealed that to the Commissioners, and … Continue reading Inland Revenue Commissioners v Sema Group Pension Scheme Trustees: ChD 7 Feb 2002
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
The court was asked whether section 43 of the 1970 Act which imposes time limits on claims, applied to a claim for payments made by the Trustees of the BT Pension Scheme under section 231 of ICTA. If so, subject to questions of community law which remain to be decided, many of these claims were … Continue reading BT Pension Scheme Trustees v HM Revenue and Customs: CA 17 Jan 2014
The defendant had been convicted of offences in which he had operated to purchase companies and use false debentures to evade corporation tax. Compensation had been sought under the 1988 Act. It was argued that the confiscation order should be quashed because the defendant had not benefitted as alleged. Held: The appeals failed. The court … Continue reading Regina v Stannard: CACD 1 Nov 2005
The taxpayers appealed a notice under section 703(3) to counteract the tax advantage received by them from a share buy-back scheme. The scheme was an approved pension scheme, under which the quoted company agreed to buy back its own shares. Held: The excess paid over the market value by the company was to be treated … Continue reading Inland Revenue Commissioners v Sema Group Pension Scheme Trustees: CA 19 Dec 2002
The pension scheme had been approved, but that approval later withdraw. HMRC issued assessment for the years in which it had been approved. The taxpayer argued that such assessments applied to the date with effect from which the approval is withdraw, HMRC contended that it was in the year in which withdrawal was notified. The … Continue reading John Mander Pension Trustees Ltd v Revenue and Customs: SC 29 Jul 2015
The court considered the taxation of ‘repo’ transactions. The revenue had charged to tax, an element of interest paid on a block og gilts purchased by the taxpayer company under a resale agreement at a price which allowed for the interest payments . .
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