Sorsha Reilly and Tim Harrop (Allen & Overy) examine the Court of Appeal’s ruling that HMRC was entitled to deny claims to group relief surrendered by a company in receivership.
The appeal in Farnborough Airport Properties Co and another v HMRC [2019] EWCA Civ 118 concerned HMRC’s refusal of claims by the appellants (together Farnborough) to group relief surrendered by their sister company Piccadilly Hotels 2 Ltd (PH2L) in respect of periods after PH2L had been placed into receivership. At the material times Farnborough and PH2L were sister subsidiaries of the group’s ultimate parent company Kelucia Ltd; and but for the receivership group relief surrenders by PH2L to Farnborough would have been permitted. Receivers had been appointed under the Law of Property Act 1925 over the whole of PH2L’s property pursuant to a debenture giving them wide powers including the power to carry on...
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Sorsha Reilly and Tim Harrop (Allen & Overy) examine the Court of Appeal’s ruling that HMRC was entitled to deny claims to group relief surrendered by a company in receivership.
The appeal in Farnborough Airport Properties Co and another v HMRC [2019] EWCA Civ 118 concerned HMRC’s refusal of claims by the appellants (together Farnborough) to group relief surrendered by their sister company Piccadilly Hotels 2 Ltd (PH2L) in respect of periods after PH2L had been placed into receivership. At the material times Farnborough and PH2L were sister subsidiaries of the group’s ultimate parent company Kelucia Ltd; and but for the receivership group relief surrenders by PH2L to Farnborough would have been permitted. Receivers had been appointed under the Law of Property Act 1925 over the whole of PH2L’s property pursuant to a debenture giving them wide powers including the power to carry on...
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