McNiven (Inspector of Taxes) v Westmoreland Investments Ltd: CA 26 Oct 1998

Cross loans were made between an investment company and pension schemes. The overall effect was to create payments which could be set off against Corporation Tax. They were not a pre-ordained series of transactions where the underlying loans were genuine, and the payments were made in respect of a genuine accrual of interest.
Times 26-Oct-1998, Gazette 18-Nov-1998, [2001] 2 WLR 377, [1998] EWCA Civ 1608
Income and Corporation Taxes Act 1988 338
England and Wales
CitedW T Ramsay Ltd v Inland Revenue Commissioners HL 12-Mar-1981
The taxpayers used schemes to create allowable losses, and now appealed assessment to tax. The schemes involved a series of transactions none of which were a sham, but which had the effect of cancelling each other out.
Held: If the true nature . .
At ChDMcNiven (Inspector of Taxes) v Westmoreland Investments Ltd ChD 19-Aug-1997
Loans made between associated companies for the sole purpose of creating a charge to tax were ineffective as avoidance scheme. . .

Cited by:
CitedBarclays Mercantile Business Finance Ltd v Mawson (Inspector of Taxes) ChD 22-Jul-2002
The taxpayer sought to claim for capital allowances of andpound;91 million for gas pipelines. The claimant had provided the equipment through a leasing scheme.
Held: The leases were unusual, but did not appear to be merely part of a tax . .
At CAMacNiven (Inspector of Taxes) v Westmoreland Investments Ltd HL 15-Feb-2001
The fact that a payment of interest was made only to create a tax advantage did not prevent its being properly claimed. Interest was paid for the purposes of setting it against tax, when the debt was discharged. A company with substantial losses had . .

These lists may be incomplete.
Updated: 10 May 2021; Ref: scu.83580