Market leading insight for tax experts
View online issue

Arguments before the Court of Appeal in BlackRock: is ‘just and reasonable’ a second bite of the cherry?

Speed read
The Court of Appeal heard the appeal and cross appeal in the vital anti-avoidance case HMRC v BlackRock Holdco 5 LLC in April. As is well known this is a complex case across transfer pricing and unallowable purpose. Sitting within the density of legal and factual arguments is an element of law that has thus far been relatively speaking under the radar. The interactive discussion on just and reasonable apportionment rule in s 441 demonstrated the very real difficulty in applying the apportionment of debits between competing commercial and other purposes. The previous tribunals and courts have provided very different views. In most cases the outcome was effectively all or nothing. However the legislation does appear to anticipate the possibility of a more nuanced apportionment. Is the just and reasonable apportionment a second bite at the cherry for a taxpayer where an unallowable purpose has...

If you or your firm subscribes to, please click the login box below:

If you do not subscribe but are a registered user, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this article in full.
Please reach out to customer services at +44 (0) 330 161 1234 or '' for further assistance.