Bristol & West and derivative contracts

Kevin Conway

The FTT rejected an attempt to take advantage of the derivative contract group transfer rules. Kevin Conway offers an analysis

This article examines the decision of the First-tier Tribunal (FTT) in Bristol & West PLC v HMRC [2013] UKFTT 216 (TC) in which the FTT rejected an attempt by a bank to take advantage of the derivative contract group transfer rules to avoid corporation tax by transferring a swap contract to another company in the same banking group.

The case gave rise to the following main issues:

What was the effect of the relieving provision contained in FA 2002 Sch 26 para 28 in respect of a transferor company within the Sch 26 regime and where the transferee company was not yet within the Sch 26 regime?
What was...

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The FTT rejected an attempt to take advantage of the derivative contract group transfer rules. Kevin Conway offers an analysis

The case gave rise to the following main issues:

What was the effect of the relieving provision contained in FA 2002 Sch 26 para 28 in respect of a transferor company within the Sch 26 regime and where the transferee company was not yet within the Sch 26 regime?
What was...

If you or your firm subscribes to Taxjournal.com, please click the login box below:

If you do not subscribe but are a registered user, please enter your details in the following boxes: