Jeanette Zaman and Zoe Andrews (Slaughter and May) review recent developments affecting the City.
Farnborough Airport Properties: arrangements and control
Group relief surrenders are prevented at a time when there are arrangements in place whereby the relevant group relationship could be broken (CTA 2010 s 154 onwards). In Farnborough Airport Properties Company v HMRC [2017] UKUT 394 (reported in Tax Journal 13 October 2017) the Upper Tribunal ruled that the appointment of a receiver in respect of a company had the effect that the shareholders of that company ceased to control it with the result that the company could not surrender losses from that time. When considering the timing of the arrangements the Upper Tribunal helpfully commented that neither entering into a security document nor the right to appoint a receiver in and of themselves constitute a disqualifying arrangement. On this basis...
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Jeanette Zaman and Zoe Andrews (Slaughter and May) review recent developments affecting the City.
Farnborough Airport Properties: arrangements and control
Group relief surrenders are prevented at a time when there are arrangements in place whereby the relevant group relationship could be broken (CTA 2010 s 154 onwards). In Farnborough Airport Properties Company v HMRC [2017] UKUT 394 (reported in Tax Journal 13 October 2017) the Upper Tribunal ruled that the appointment of a receiver in respect of a company had the effect that the shareholders of that company ceased to control it with the result that the company could not surrender losses from that time. When considering the timing of the arrangements the Upper Tribunal helpfully commented that neither entering into a security document nor the right to appoint a receiver in and of themselves constitute a disqualifying arrangement. On this basis...
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:
