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Revenue and Customs v Investec Asset Finance Plc and Investec Bank Plc (Tax): UTTC 4 Apr 2018

Corporation tax – Purchase by traders of partnership interests and adherence to partnerships followed by realisation and distribution by partnerships of receivables – whether purchase price of partnership interests and contributions to capital of partnerships were capital or revenue expenditure – if revenue, whether incurred wholly and exclusively for purposes of traders’ trades – if revenue incurred wholly and exclusively, whether HMRC entitled to raise further issue not in closure notice – whether partnership profits distributed to traders subject to two tax computations

Citations:

[2018] UKUT 69 (TCC)

Links:

Bailii

Jurisdiction:

England and Wales

Corporation Tax

Updated: 07 April 2022; Ref: scu.608590

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