References: [2013] UKUT 189 (TCC)
Links: Bailii
Coram: Asplin J
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
This case cites:
- Appeal from – Shop Direct Group and Others -v- Revenue & Customs FTTTx (Bailii, [2012] UKFTT 127 (TC))
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 . .
This case is cited by:
- Appeal from – Shop Direct Group and Others -v- HM Revenue and Customs ChD ([2013] EWHC 942 (Ch))
. . - At UTTC – Shop Direct Group -v- Revenue & Customs CA (Bailii, [2014] EWCA Civ 255)
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. . .