Lloyds UDT Finance Limited v Chartered Finance Trust Holdings Plc and others: ChD 22 Nov 2001

The Act restricted the extent to which payment made for the hire of vehicles exceeding certain values could be deducted from profits when calculating tax. Autolease hired cars and then relet them to the public. On the sale of the company the question arose as to whether that restriction might apply only to those cars taken on lease for use by its own staff members.
Held: The legislation made no such distinction, and the limitation on recovery applied to all the vehicles.

Judges:

The Vice-Chancellor

Citations:

Times 12-Dec-2001, Gazette 24-Jan-2002, [2001] STI 1521, [2001] EWHC Ch 459, [2001] STC 1652, [2001] BTC 487

Links:

Bailii

Statutes:

Capital Allowances Act 1990 35

Jurisdiction:

England and Wales

Income Tax

Updated: 04 October 2022; Ref: scu.166925