Income Tax/Corporation Tax : Losses – Corporation tax – loan relationship rules -debit relating to ‘tracker shares’ linked to in the money swap receipts -derecognised for accounting purposes-whether deductible debit for loan relationship rules – legal and accounting concepts of loss – whether arising from derivative contract – whether transfer pricing rules at Schedule 28AA applied to tracker shares – whether shares are a provision for transfer pricing purposes – HELD -Debit did not reflect fair representation of loss from transactions -debit did not arise from derivative contract – transfer pricing rules broad ambit – share issue could amount to a provision – transfer pricing rules applied to issue price of tracker shares – appeal dismissed.
[2015] UKFTT 341 (TC)
Bailii
England and Wales
Corporation Tax
Updated: 02 January 2022; Ref: scu.550557