Kwik-Fit, Hotel La Tour and the FTT decision in Osmond are among the latest developments reviewed by Mike Lane and Zoe Andrews (Slaughter and May).
Kwik-Fit: unallowable purpose
In Kwik-Fit v HMRC [2024] EWCA Civ 434 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 in another case involving mixed main purposes. The loan relationship debits came about as a result of a tax motivated intra-group refinancing. A company in the Kwik-Fit group (Speedy) had carried forward non-trading loan relationship deficits (NTDs). In order to accelerate the utilisation of these NTDs a reorganisation of intra-group loans was implemented. This involved some loans being assigned to Speedy (or in one case being created to replace an original loan) and the interest rate...
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Kwik-Fit, Hotel La Tour and the FTT decision in Osmond are among the latest developments reviewed by Mike Lane and Zoe Andrews (Slaughter and May).
Kwik-Fit: unallowable purpose
In Kwik-Fit v HMRC [2024] EWCA Civ 434 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 in another case involving mixed main purposes. The loan relationship debits came about as a result of a tax motivated intra-group refinancing. A company in the Kwik-Fit group (Speedy) had carried forward non-trading loan relationship deficits (NTDs). In order to accelerate the utilisation of these NTDs a reorganisation of intra-group loans was implemented. This involved some loans being assigned to Speedy (or in one case being created to replace an original loan) and the interest rate...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
