The Upper Tribunal has upheld the FTT’s decision in Greene King. Vimal Tilakapala and David Stainer analyse the impact of the decision.
In 2012 the Greene King group lost a case before the FTT in relation to some tax planning (Greene King PLC and another v HMRC [2012] UKFTT 385 (TC)). The aim of the arrangements had been to achieve a tax deduction for intra-group interest payments payable by a Greene King group company with no offsetting taxable receipt elsewhere in the group.
The FTT struck down the tax planning finding that it generated a taxable receipt (and created the potential for the Greene King group to be taxed twice). The taxpayer appealed and the Upper...
