Unilateral relief: In Aozora GMAC Investment Ltd v HMRC [2022] UKUT 258 (TCC) (23 September) the UT agreed with the FTT’s decision that the relevant legislation at the time ICTA 1988 s 793A(3) (now found in TIOPA 2010 s 11(3)) did not prevent the taxpayer from being entitled in the UK to unilateral relief by way of credit for US withholding tax on interest even though the taxpayer was not entitled to relief under the UK/US double tax treaty. The arguments here were sophisticated: for example at one point the judge drew a distinction between the words ‘to the effect that’ and ‘which has the effect that’. Ultimately the UT found for the taxpayer as a matter of statutory construction rejecting HMRC’s attempt to apply a purposive interpretation.
VAT input tax and intended trader: In Hedge Fund Investment Management Ltd v HMRC [2022] UKFTT...
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Unilateral relief: In Aozora GMAC Investment Ltd v HMRC [2022] UKUT 258 (TCC) (23 September) the UT agreed with the FTT’s decision that the relevant legislation at the time ICTA 1988 s 793A(3) (now found in TIOPA 2010 s 11(3)) did not prevent the taxpayer from being entitled in the UK to unilateral relief by way of credit for US withholding tax on interest even though the taxpayer was not entitled to relief under the UK/US double tax treaty. The arguments here were sophisticated: for example at one point the judge drew a distinction between the words ‘to the effect that’ and ‘which has the effect that’. Ultimately the UT found for the taxpayer as a matter of statutory construction rejecting HMRC’s attempt to apply a purposive interpretation.
VAT input tax and intended trader: In Hedge Fund Investment Management Ltd v HMRC [2022] UKFTT...
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