In JTI Acquisition Company v HMRC [2024] EWCA Civ 652 the Court of Appeal had to consider whether loan relationship debits were denied in whole or in part by the unallowable purpose rule in the CTA 2009 s 441. Unlike in BlackRock [2024] EWCA Civ 330 and Kwik-Fit [2024] EWCA Civ 434 where the fact-finding tribunals each had found both a tax advantage (unallowable) purpose and a commercial purpose the First-tier Tribunal (FTT) in JTI had found there was no commercial purpose and the taxpayer was unable to meet the high threshold for the Court of Appeal to overturn that finding.
By way of recap JTI involved a funding scheme (known as the ‘nine-step Skinny’) for the...
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In JTI Acquisition Company v HMRC [2024] EWCA Civ 652 the Court of Appeal had to consider whether loan relationship debits were denied in whole or in part by the unallowable purpose rule in the CTA 2009 s 441. Unlike in BlackRock [2024] EWCA Civ 330 and Kwik-Fit [2024] EWCA Civ 434 where the fact-finding tribunals each had found both a tax advantage (unallowable) purpose and a commercial purpose the First-tier Tribunal (FTT) in JTI had found there was no commercial purpose and the taxpayer was unable to meet the high threshold for the Court of Appeal to overturn that finding.
By way of recap JTI involved a funding scheme (known as the ‘nine-step Skinny’) for the...
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