In this month’s review, Mike Lane and Zoe Andrews (Slaughter and May) consider HMRC’s updated unallowable purpose guidance, an advocate general opinion on state aid challenges to tax rulings and an Upper Tribunal case which raises some interesting points on distributions and procedural fairness.
HMRC’s updated and expanded unallowable purpose guidance
The loan relationships unallowable purpose rule (CTA 2009 ss 441–442) continues to be a complex area where case law is developing. HMRC has recently published expanded and updated guidance in its Corporate Finance Manual at CFM38110–CFM38200. It is helpful to have HMRC’s views on unallowable purpose comprehensively expressed although taxpayers and advisers may not necessarily agree with it and at the end of the day as the guidance flags it is important to remember that the application of the rule depends on the particular facts and circumstances of the arrangements being considered. There is a...
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In this month’s review, Mike Lane and Zoe Andrews (Slaughter and May) consider HMRC’s updated unallowable purpose guidance, an advocate general opinion on state aid challenges to tax rulings and an Upper Tribunal case which raises some interesting points on distributions and procedural fairness.
HMRC’s updated and expanded unallowable purpose guidance
The loan relationships unallowable purpose rule (CTA 2009 ss 441–442) continues to be a complex area where case law is developing. HMRC has recently published expanded and updated guidance in its Corporate Finance Manual at CFM38110–CFM38200. It is helpful to have HMRC’s views on unallowable purpose comprehensively expressed although taxpayers and advisers may not necessarily agree with it and at the end of the day as the guidance flags it is important to remember that the application of the rule depends on the particular facts and circumstances of the arrangements being considered. There is a...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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