New Judgment: Test Claimants in the Franked Investment Income Group Litigation & Ors v Revenue and Customs [2020] UKSC 47 – UKSC Blog

‘The Supreme Court has unanimously allowed this appeal concerning the law of limitation.’

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UKSC Blog, 23rd July 2021

Source: ukscblog.com

Trusts, Probate and Estates: Non-Contentious Commentary – Wilberforce Chambers

‘The Chancellor of the Exchequer delivered his Budget yesterday afternoon. A number of tax measures were introduced to ease the financial burden on businesses and individuals. Some were simply extensions of short-term tax relief, including a holiday on business rates for 3 months, maintaining the £500,000 SDLT nil-rate band, and a freeze on alcohol and fuel duties. In this update, I focus on some longer-term measures designed to promote a post-Covid rebound.’

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Wilberforce Chambers, 4th March 2021

Source: www.wilberforce.co.uk

Mistaken Payments and Mistakes of Law under the Limitation Act 1980 – Hardwicke Chambers

Posted February 25th, 2021 in corporation tax, limitations, mistake, news, subsidiary companies by sally

‘The FII Group Litigation (‘FII’) was established by an Order made on 8 October 2003 with the purpose of determining common or related questions of law arising out of the tax treatment of dividends received by UK resident companies from non-resident subsidiaries. The Test Claimants’ basic allegation was that their tax treatment (under domestic legislation long-since repealed), as compared to that of wholly-resident UK companies, breached TFEU provisions on freedom of establishment and free movement of capital. The Test Claimants therefore sought repayment of tax paid insofar as it was unlawful under EU law; in some cases, dating back to the UK’s accession in 1973.’

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Hardwicke Chambers, 24th February 2021

Source: hardwicke.co.uk

New Judgment: Test Claimants in the Franked Investment Income Group Litigation & Ors v Commissioners of Inland Revenue (1) [2020] UKSC 47 – UKSC Blog

‘The Supreme Court has unanimously allowed this long-awaited appeal arising in the course of long-running proceedings known as the Franked Investment Income (“FII”) Group Litigation. The FII Group Litigation brings together many claims concerning the way in which advance corporation tax and corporation tax used to be charged on dividends received by UK-resident companies from non-resident subsidiaries. The respondents to this appeal are claimants within the FII Group Litigation whose cases have been selected to proceed as test claims on certain common issues (“the Test Claimants”). These issues are being determined in phases, with the courts’ decisions affecting not just the other claims within the FII Group Litigation, but potentially also a number of other sets of proceedings brought by corporate taxpayers against the appellant, the Commissioners for Her Majesty’s Revenue and Customs (“HMRC”).’

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UKSC Blog, 20th November 2020

Source: ukscblog.com

Former BHS owner found guilty of tax evasion as he ‘funded yacht, Bentley and luxury holiday’ – The Independent

Posted November 6th, 2020 in bankruptcy, corporation tax, insolvency, news, pensions, tax evasion, taxation, VAT by tracey

‘The former owner of BHS has been convicted of evading tax on £2.2m of income he received from buying the failed high-street chain. Instead of paying the tax he knew he owed, Dominic Chappell, 53, spent a fortune on a luxury lifestyle that included a £90,000 yacht, a Bentley Continental car, a Bahamas holiday and some expensive Beretta guns, Southwark Crown Court heard.’

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The Independent, 5th November 2020

Source: www.independent.co.uk

Court of Appeal decision leaves control vacuum for group relief – OUT-LAW.com

Posted February 28th, 2019 in corporation tax, news, receivers, statutory interpretation by tracey

‘Two companies have lost their claim for group relief where the surrendering company went into receivership. The Court of Appeal said that when the receivers were appointed the shareholders of the surrendering company lost control, which meant that group relief was denied.’

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OUT-LAW.com, 27th February 2019

Source: www.out-law.com

Taxpayers have no right to attend hearing to approve HMRC information notices – OUT-LAW.com

‘UK taxpayers and third parties have no right to attend a tax tribunal hearing to consider the issue of notices by HM Revenue & Customs (HMRC) requiring the provision of information relevant to tax enquiries, the first-tier tax tribunal has decided.’

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OUT-LAW.com, 12th December 2018

Source: www.out-law.com

Statutory interest paid by a company in administration must have tax deducted, says Court of Appeal – OUT-LAW.com

Posted January 8th, 2018 in appeals, banking, corporation tax, insolvency, interest, news, taxation by sally

‘Statutory interest paid by a company in administration on a surplus is ‘yearly interest’ for UK tax purposes and must therefore be paid after deduction of basic rate tax, the Court of Appeal has decided, overturning a previous decision of the High Court.’

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OUT-LAW.com, 5th January 2018

Source: www.out-law.com

Legal challenge against remote gambling tax in the UK falters before EU court – OUT-LAW.com

Posted June 15th, 2017 in corporation tax, EC law, gambling, Gibraltar, news by sally

‘A legal challenge brought against changes to the way remote gambling operations are taxed in the UK has faltered before the EU’s highest court.’

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OUT-LAW.com, 13th June 2017

Source: www.out-law.com

Corporate interest restriction cut from pre-election UK Finance Bill – OUT-LAW.com

Posted April 27th, 2017 in amendments, bills, corporation tax, elections, interest, news by sally

‘The legislation to introduce restrictions on corporation tax deductions for interest payments will not be included in the UK Finance Bill that will become law before the general election. The government tabled amendments to the bill withdrawing most of its provisions before it went through the remaining House of Commons stages on 25 April.’

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OUT-LAW.com, 27th April 2017

Source: www.out-law.com

Shop Direct Group (Appellant) v Commissioners for Her Majesty’s Revenue and Customs (Respondent) – Supreme Court

Posted February 18th, 2016 in appeals, corporation tax, law reports, repayment, Supreme Court, VAT by sally

Shop Direct Group (Appellant) v Commissioners for Her Majesty’s Revenue and Customs (Respondent) [2016] UKSC 7 (YouTube)

Supreme Court, 17th February 2016

Source: www.youtube.com/user/UKSupremeCourt

Shop Direct VAT repayments were subject to corporation tax, Supreme Court rules – OUT-LAW.com

Posted February 18th, 2016 in appeals, corporation tax, news, repayment, Supreme Court, VAT by sally

‘Catalogue company Shop Direct must pay corporation tax on a £125 million repayment of VAT overpaid by companies in the group that no longer trade, the Supreme Court has confirmed.’

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OUT-LAW.com, 18th February 2016

Source: www.out-law.com

Tribunal allows company’s appeal and confirms that the four-year time limit does not apply to corporation tax self-assessment returns – RPC Tax Take

Posted January 13th, 2016 in corporation tax, news, time limits by sally

‘In Bloomsbury Verlag GmbH v HMRC [2015] UKFTT 660 (TC),the First-tier Tribunal (Tax and Chancery) (FTT) has held that the four-year time limit does not apply to corporation tax self-assessment returns and that trading losses can be carried forward even though they were not included in a return.’

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RPC Tax Take, 8th January 2016

Source: www.rpc.co.uk

Family Law Week’s Budget Briefing, July 2015 – Family Law Week

‘Richard Holme, Chartered Accountant of Creaseys, a firm which specialises in advising family lawyers on tax related family law issues, explains the Budget changes of most relevance to family lawyers.’

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Family Law Week, 8th July 2015

Source: www.familylawweek.co.uk

Corporation Tax (Northern Ireland) Act 2015 – legislation.gov.uk

Posted April 1st, 2015 in corporation tax, legislation, Northern Ireland by sally

Corporation Tax (Northern Ireland) Act 2015 published

Full text of Act

Source: www.legislation.gov.uk

Avoidance scheme effective despite HMRC’s attempt to rely on Ramsay – RPC Tax Take

Posted March 31st, 2015 in appeals, corporation tax, HM Revenue & Customs, news, tax avoidance, tribunals by sally

‘In Gemsupa Limited and Consolidated Property Wilmslow Limited v HMRC [2015] UKFTT 0097 (TC), the First-tier Tribunal (Tax Chamber) (“FTT”) found that an avoidance scheme designed to avoid corporation tax on chargeable gains on the disposal of properties through the use of share sales and options to create and then disband a group was effective.’

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RPC Tax Take, 25th March 2015

Source: www.rpc.co.uk

Danny Alexander calls for corporate tax evasion crackdown – BBC News

Posted February 23rd, 2015 in codes of practice, corporation tax, fines, news, prosecutions, tax evasion by sally

‘Companies that fail to prevent tax evasion could face penalties as part of plans announced by Danny Alexander.’

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BBC News, 22nd February 2015

Source: www.bbc.co.uk

Trading “with a view to the making of a profit” – an objective or subjective test? – RPC Commercial Disputes Blog

Posted August 7th, 2014 in appeals, corporation tax, HM Revenue & Customs, news by sally

‘In Beacon Estates (Chepstow) Ltd v HMRC [2014] UKFTT 686 (TC), the First-tier Tribunal (Tax Chamber) (‘FTT’) allowed the taxpayer’s appeal, holding that ‘with a view to’ in section 393A(3), Income and Corporation Taxes Act 1988 (‘ICTA’)[1] imports an objective test when considering relief for trading losses.’

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RPC Commercial Disputes Blog, 6th August 2014

Source: www.rpc.co.uk

Marks & Spencer plc v Revenue and Customs Commissioners (No 2) – WLR Daily

Posted February 28th, 2014 in corporation tax, EC law, insolvency, law reports, subsidiary companies by sally

Marks & Spencer plc v Revenue and Customs Commissioners (No 2) [2014] UKSC 11; [2014] WLR (D) 90

‘A company was entitled to make successive claims to cross-border group relief against corporation tax in relation to the same loss incurred in the same accounting period by a European subsidiary which had gone into liquidation and then to withdraw any earlier claims in respect of the same surrendered loss which did not meet the subsequent judicially determined test, subject to the claim ultimately relied upon not being statute-barred.’

WLR Daily, 19th February 2014

Source: www.iclr.co.uk

Commissioners for Her Majesty’s Revenue and Customs (Appellant) v Marks and Spencer plc (Respondent); Commissioners for Her Majesty’s Revenue and Customs (Respondent) v Marks and Spencer plc (Appellant) – Supreme Court

Posted February 21st, 2014 in corporation tax, EC law, law reports, subsidiary companies by sally

Commissioners for Her Majesty’s Revenue and Customs (Appellant) v Marks and Spencer plc (Respondent); Commissioners for Her Majesty’s Revenue and Customs (Respondent) v Marks and Spencer plc (Appellant) [2014] UKSC 11 & [2013] UKSC 30 (YouTube)

Supreme Court, 19th February 2014

Source: www.youtube.com/user/UKSupremeCourt