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HMRC v NCL Investments

In HMRC v NCL Investments [2019] UKUT 111 (8 April 2019) the UT found that a company was entitled to deductions representing IFRS 2 debits even though no monies had actually been expended. 

The appellant companies were members of a group whose ultimate parent was SWHL. The group provided tax and accountancy services as well as wealth management services. The appellant companies employed staff who they made available to other companies in the group in return for a fee. SWHL had granted share options under various schemes to employees of the appellants and many had lapsed. Whenever employees of the appellants were granted share options the appellants paid SWHL an amount equal to the option; however HMRC had refused the corresponding deductions.

The UT agreeing with the FTT observed that the fact that the IFRS 2 debits were validly recognised as debits was sufficient for...

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