After the transfer of a business to a subsidiary with payment left outstanding and no provision for interest but receiving dividends, it was not able to recover Advance Corporation Tax on that payment since it was no longer trading and had no income source.
Citations:
Gazette 09-Sep-1998, [1998] EWCA Civ 1098
Statutes:
Income and Corporation Taxes Act 1988 239
Jurisdiction:
England and Wales
Cited by:
Appeal from – Walker (Her Majesty’s Inspector of Taxes) v Centaur Clothes Group Limited HL 16-Mar-2000
Where a company which had ceased trading and fallen outside the tax regime, subsequently declared a dividend, it was deemed to be a new accounting period, and the dividend did fall to be taxed, and any advance corporation tax could be set off . .
Lists of cited by and citing cases may be incomplete.
Corporation Tax
Updated: 20 May 2022; Ref: scu.90242