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.’

Full Story

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.’

Full Story

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.’

Full story

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.’

Full story

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.’

Full story

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.’

Full story

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.’

Full story

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.’

Full story

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

Prudential Assurance Co Ltd v Revenue and Customs Comrs – WLR Daily

Posted October 30th, 2013 in corporation tax, EC law, interest, law reports, restitution, tax credits by sally

Prudential Assurance Co Ltd v Revenue and Customs Comrs [2013] EWHC 3249 (Ch); [2013] WLR (D) 411

“It was within the scope of conforming interpretation to construe section 790 of the Income and Corporation Taxes Act 1988 as providing for the grant of a tax credit for foreign dividends to the extent necessary to secure compliance with European Union (‘EU’) law.”

WLR Daily, 24th October 2013

Source: www.iclr.co.uk

Gambling operators face losing their licence for failure to abide by new ‘place of consumption’ tax regime – OUT-LAW.com

Posted August 21st, 2013 in advertising, corporation tax, gambling, internet, licensing, news, strict liability by sally

“Gambling operators could lose their licence to advertise and trade in Great Britain if they fail to comply with a new tax regime where liability for UK tax is based on the location of the customer rather than the gambling operator.”

Full story

OUT-LAW.com, 20th August 2013

Source: www.out-law.com

HMRC ‘names and shames’ more deliberate tax defaulters – OUT-LAW.com

Posted May 15th, 2013 in corporation tax, fines, news, tax evasion by sally

“Details of fines included on a second public list of tax defaulters shows that HM Revenue and Customs (HMRC) is ‘cracking down harder than ever before’ on businesses and individuals that deliberately underpay tax, an expert has said.”

Full story

OUT-LAW.com, 15th May 2013

Source: www.out-law.com

Professional fines may be tax deductable, tribunal finds – OUT-LAW.com

Posted October 12th, 2012 in corporation tax, fines, news, penalties by sally

“The McLaren racing team is entitled to claim a corporation tax reduction in respect of a £32 million fine levied by the motor racing governing body because the fine was not a criminal penalty imposed by statute, a tribunal has held.”

Full story

OUT-LAW.com, 11th October 2012

Source: www.out-law.com

BBC’s chief finance officer sues the Daily Star – The Guardian

Posted September 5th, 2012 in corporation tax, defamation, injunctions, news, tax avoidance by sally

“The BBC’s chief finance officer, Zarin Patel, is suing the Daily Star for libel over two stories about the tax affairs of corporation staff.”

Full story

The Guardian, 5th September 2012

Source: www.guardian.co.uk

Test Claimants in the Franked Investment Income Group Litigation v Customs and Excise Comrs (formerly Inland Revenue Comrs) – WLR Daily

Posted May 25th, 2012 in corporation tax, EC law, law reports, limitations, restitution by tracey

Test Claimants in the Franked Investment Income Group Litigation v Customs and Excise Comrs (formerly Inland Revenue Comrs): [2012] UKSC 19;  [2012] WLR (D)  161

“Claims for recovery of unlawfully exacted tax under the principle in Woolwich Equitable Building Society v Inland Revenue Comrs [1993] AC 70 (‘the Woolwich principle’) were not limited to those cases where there had been an actual demand by the revenue for payment, but applied generally in all cases where there had been a payment in response to an apparent statutory requirement to pay tax, which was not lawfully due.”

WLR Daily, 23rd May 2012

Source: www.iclr.co.uk

Helena Partnerships Ltd v Revenue and Customs Commissioners (Attorney General intervening) – WLR Daily

Posted May 11th, 2012 in appeals, charities, corporation tax, housing, law reports by tracey

Helena Partnerships Ltd v Revenue and Customs Commissioners (Attorney General intervening): [2012] EWCA Civ 569;  [2012] WLR (D)  142

“The provision of housing accommodation was, and could only be, a charitable purpose if it was justified as charitable in respect of the direct benefit provided. It could only be so justified if it was provided to meet a relevant need of the class eligible to occupy it so as to fall within the spirit and intendment of the preamble to the Statute of Charitable Uses 1601 (‘the Statute of Elizabeth’) either directly or by analogy.”

WLR Daily, 9th May 2012

Source: www.iclr.co.uk