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 are not a subscriber, subscribe now to read this content.
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