UTTC Corporation Tax: Effect of receipt by trader or successor to trade of sums in respect of VAT repaid under s80 VATA to representative member of VAT group plus interest paid under s78 VATA. Question of beneficial ownership of sums received and whether ‘arising from the trade’. Application of sections 103 and 106 ICTA 1988. Whether interest payments could be characterised as arising under a ‘loan relationship’ and amounted to a ‘money debt’ for purposes of section 100 FA 1996
Asplin J
[2013] UKUT 189 (TCC)
Bailii
Income and Corporation Taxes Act 1988 103 106
England and Wales
Citing:
Appeal from – Shop Direct Group and Others v Revenue and Customs FTTTx 14-Feb-2012
FTTTx Corporation tax – receipts of payments in respect of overpaid VAT and statutory interest – whether VAT repayments trading receipts – whether payments in respect of supplies made in discontinued trades . .
Cited by:
Appeal from – Shop Direct Group and Others v HM Revenue and Customs ChD 19-Apr-2013
. .
At UTTC – Shop Direct Group v Revenue and Customs CA 11-Mar-2014
The company sought to challenge the assessment to corporation tax of a very large repayment of VAT, together with an even larger amount of interest.
Held: The appeal failed. . .
At UTTC – Shop Direct Group v Revenue and Customs SC 17-Feb-2016
The Court considered the interpretation of the sections which applied corporation tax to post-cessation receipts. Companies had received from the Inland Revenue substantial repayments of VAT together with interest. There had been reorganisations of . .
Lists of cited by and citing cases may be incomplete.
Corporation Tax
Updated: 02 November 2021; Ref: scu.509187
