In Ardmore Construction and Andrew Perrin v HMRC [2015] UKUT 633 (20 November 2015) the UT confirmed that both taxpayers had received UK source dividends on which UK income tax was deductible at source.
The issue in both appeals was whether the interest paid on cross-border loans arose in the UK so that the payer was under an obligation to deduct UK tax when making the payment and to account for the tax to HMRC (ITA 2007 s 874).
The UT stressed that Westminster Bank Executor and Trustee Co (Channel Islands) v National Bank of Greece (1970) 46 TC 472 (‘the Greek Bank case’) was authority for the proposition that the source of the obligation must be ascertained by a multi-factorial enquiry.
The UT disagreed with HMRC’s view (as stated in its Savings and Income Manual at SAIM9090) that the most important factor in deciding...
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In Ardmore Construction and Andrew Perrin v HMRC [2015] UKUT 633 (20 November 2015) the UT confirmed that both taxpayers had received UK source dividends on which UK income tax was deductible at source.
The issue in both appeals was whether the interest paid on cross-border loans arose in the UK so that the payer was under an obligation to deduct UK tax when making the payment and to account for the tax to HMRC (ITA 2007 s 874).
The UT stressed that Westminster Bank Executor and Trustee Co (Channel Islands) v National Bank of Greece (1970) 46 TC 472 (‘the Greek Bank case’) was authority for the proposition that the source of the obligation must be ascertained by a multi-factorial enquiry.
The UT disagreed with HMRC’s view (as stated in its Savings and Income Manual at SAIM9090) that the most important factor in deciding...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
