DCC Holdings (UK) Ltd v Revenue and Customs Comrs [2010] UKSC 58; [2010] WLR (D) 333
“When interpreting a deeming provision in a taxing statute it was important not to take the hypothesis further than was warranted. It followed that the deeming provisions in corporation tax legislation on sale and resale ‘repo’ transactions — whereby the parties’ accounts were to be debited and credited on the basis that it was a deemed loan relationship between them — were to be construed so that they reflected the statutory purpose of taxing such transactions on a uniform basis and not so that one party could claim a debit which could be set off against other liabilities.”
WLR Daily, 16th December 2010
Source: www.lawreports.co.uk
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
