References: [2014] UKUT 73 (TCC)
Links: Bailii
Coram: Peter Smith J
UTTC Taxation of profits made on sale or transfer of derivatives under Finance Act 2002. Whether transfer disregarded between subsidiaries where one of the companies is not subject to the regime under the 2002 Act. Closure Notice – whether effective when sent by mistake known to the tax payer company.
Held: The transfer was not to be disregarded for the purposes of the 2002 Act but the Closure Notice was effective and prevented HMRC from seeking to claim tax in that tax year arising out of the transfer between the two companies. Appeal allowed.