UBS Ag v HM Revenue and Customs: ChD 7 Feb 2006

The bank, based in Switzerland sought tax credits for the activities of its London branch.
Held: Although the argument under s243 directly failed, the claim under section 788(3) had to succeed. The Swiss company was entitled to the same tax credits as would have been available to a UK corporation.


Etherton J


Times 21-Feb-2006, [2006] EWHC 117 (Ch)




Income and Corporation Taxes Act 1988 243, UK-Switzerland Double Taxation Convention of 8 December 1977


England and Wales


Appeal fromUBS Ag v Revenue and Customs SCIT 7-Jun-2005
SCIT DOUBLE TAXATION AGREEMENT – non-discrimination – whether UK permanent establishment of Swiss company entitled to payment of the tax credit on dividends under s 243 Taxes Act 1988 – yes, on the interpretation . .

Cited by:

Appeal fromHM Revenue and Customs v UBS Ag CA 21-Feb-2007
The court considered the treatment of losses in a London branch of the non-resident Bank. Had the company been resident it could have set off the losses. It claimed that the refusal was an unlawful discrimination. . .
Lists of cited by and citing cases may be incomplete.

Corporation Tax

Updated: 25 September 2022; Ref: scu.238349