The taxpayer company made a smaller profit than its charges, and sought to reallocate the charges against income for other companies within the group. It could do so, but the difference arose over the period for which surrender would be alowed. Held: The term ‘relief’ is not a term of art. The Income and chargeable … Continue reading Taylor (Her Majesty’s Inspector of Taxes) v MEPC Holdings Limited: HL 18 Dec 2003