Two recent cases provide a reminder of the extent to which taxation outcomes can depend on other areas of law and demonstrate that HMRC will not be limited to ‘pure’ tax law arguments on appeal, write Dominic Stuttaford and Aiden Hepworth (Norton Rose Fulbright).
Discussions on the taxation of corporate transactions or actions often focus on the extent to which the interpretation of tax law needs to take account of the economics or the accounting treatment of the steps involved. However it is important that taxpayers and their advisers remember that the tax treatment is also a function of corporate law and that corporate law may govern the tax consequences of a given transaction. The recent decisions of Gouldv HMRC [2022] UKFTT 431 (TC) and M Jaysand another v HMRC [2022] UKFTT 420 (TC) show that for income tax purposes the question of whether and...
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Two recent cases provide a reminder of the extent to which taxation outcomes can depend on other areas of law and demonstrate that HMRC will not be limited to ‘pure’ tax law arguments on appeal, write Dominic Stuttaford and Aiden Hepworth (Norton Rose Fulbright).
Discussions on the taxation of corporate transactions or actions often focus on the extent to which the interpretation of tax law needs to take account of the economics or the accounting treatment of the steps involved. However it is important that taxpayers and their advisers remember that the tax treatment is also a function of corporate law and that corporate law may govern the tax consequences of a given transaction. The recent decisions of Gouldv HMRC [2022] UKFTT 431 (TC) and M Jaysand another v HMRC [2022] UKFTT 420 (TC) show that for income tax purposes the question of whether and...
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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