In Unicorn Tankships, the Upper Tribunal dismissed HMRC’s appeal that a balancing charge should arise on the sale of a vessel following the company’s departure from the tonnage tax regime. Whilst the decision may only be of immediate relevance to shipping companies, the case highlights difficulties in interpretation when separate elements of the legislation interact with each other.
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In Unicorn Tankships, the Upper Tribunal dismissed HMRC’s appeal that a balancing charge should arise on the sale of a vessel following the company’s departure from the tonnage tax regime. Whilst the decision may only be of immediate relevance to shipping companies, the case highlights difficulties in interpretation when separate elements of the legislation interact with each other.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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