“The House of Lords’ ruling in the Sempra Metals case, while ostensibly about a complicated tax issue, could challenge the foundations of English law on the repayment of debt.”
The Times, 19th July 2007
Source: www.timesonline.co.uk
“Revenue & Customs could be forced to repay “billions” of pounds in tax to UK businesses after suffering a devastating defeat in the House of Lords today.”
The Times, 18th July 2007
Source: www.timesonline.co.uk
“Revenue & Customs has officially declared war on tax cheats, telling individuals and businesses hoping for negotiated settlements that it would rather see them in court.”
The Times, 11th June 2007
Source: www.timesonline.co.uk
Tax statute is not discriminatory
Boake Allen Ltd. v. Revenue and Customs Commissioners
House of Lords
“Section 247 of the Income and Corporation Taxes Act 1988, by denying companies with foreign parents the right to make a group income election allowing a subsidiary company to pay dividends to a parent company free of advance corporation tax, did not infringe the nondiscrimination articles of the double taxation agreements between the United Kingdom and the United States, or between the UK and Japan.”
The Times, 24th May 2007
Source: www.timesonline.co.uk
Please note the Times Law Reports are only available free on Times Online for 21 days from the date of publication.
“Where the taxpayer companies carried forward in their tax computations the element of depreciation in fixed assets that related to production of unsold stock as part of the cost of unsold stocks they did not infringe the prohibition of deductions for the depreciation of capital assets in s 74(1)(f) of the Income and Corporation Taxes Act 1988 (as renumbered by s 144(2) of the Finance Act 1994).”
WLR Daily, 28th March 2007
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.
Computing depreciation of unsold stock for cash.
Commissioners of Revenue and Customs v. William Grant and Sons Distillers Ltd.
“Taxpayer companies that had carried forward that part of the depreciation in fixed assets that related to production of unsold stocks as part of the cost of unsold stocks had not infringed the prohibition in section 74(1)(f) of the Income and Corporation Taxes Act 1988, as renumbered by section 144(2) of the Finance Act 1994, of deductions for the depreciation of capital assets.
The Times, 2nd April 2007
Source: www.timesonline.co.uk
Please note the Times Law Reports are only available free on Times Online for 21 days from the date of publication.
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