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Cater Allen International and Abbey National Treasury Services v HMRC

In Cater Allen International and Abbey National Treasury Services v HMRC [2015] UKFTT 0232 (28 May 2015) the FTT found that income relating to interest coupons under a repo was a credit under the loan relationship rules.

Abbey National Treasury Services (ANTS) is a UK company which is part of the Santander Group. On 9 March 2007 ANTS and Santander entered into a sale and option deed (the ‘’repo’) under which ANTS sold to Santander the right to receive interest under floating rate notes (FRNs) comprising interest. It was accepted that the FRNs were loan relationships of ANTS; and that the repo was properly treated as a ‘repo’. The issue in dispute was whether the amounts credited to ANTS’ income statement for the 2007 accounting period relating to the interest coupons should be treated as a taxable credit under the loan relationship rules (FA 1996 ss 84(1) ...

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