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Indofoods — Christmas Come Early?

Michael Bell and Jo White from the Corporate Tax Practice at Osborne Clarke discuss the Court of Appeal decision in Indofoods and its practical effect on recent transactions
What's your view? Is Indofoods really 'not just one Christmas present but two' for HMRC? A Deputy Director of Revenue Policy reportedly expressed just such an opinion at an international tax conference earlier in the year.
The case (Indofood International Finance Ltd v JP Morgan Chase Bank (2006) EWCA Civ 158) (Indofoods) initially generated much consternation and scaremongering among practitioners and those involved in capital market transactions. The dust may have settled but until there is published guidance from HMRC (due in July but now said to be due in October) borrowers may be forgiven for taking a cautious...

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