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Johnston Publishing (North) Ltd v HMRC

Anneli Collins and Paul Cooper partners in KPMG´s M&A Tax group look at the implications for M&A work of the Special Commissioners´ decision in Johnston Publishing
The decision in Johnston Publishing (North) Ltd v HMRC SpC 564 was released in October and although not widely publicised could have a significant impact on past and future deals if not overturned. The case looked at the interpretation of the associated company exemption in TCGA 1992 s 179(2) — an issue that has been a long-running debate between HMRC and many companies and their advisers. In round one HMRC has won but the decision is expected to be appealed so this may not be the end of the story. But for now at least the decision will require...

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