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Judgment Search Results Home > Cases Phrase: income tax act Court: uk supreme court Page 1 of about 2,415 results (0.071 seconds)

Nov 06 2013 (FN)

Commissioners for Her Majesty's Revenue and Customs Vs. Cotter

Court : UK Supreme Court

..... made in: (i) the main tax return in box 19 on page tr6 under "any other information"; (ii) the capital gains summary ..... /08 loss relief claim" and amendments to his 2007/08 tax return. the amendments added various entries to boxes in the tax return intimating that mr cotter had sustained an employment-related loss of 710,000 in the tax year 2008/09 for which he claimed relief under sections 128 and 130 of the income tax act 2007 ("ita"). in particular, the claim for relief was ..... scheme which had been used to generate the loss claim, the revenue issued legal proceedings in st helens county court on 22 june 2009. its claim was for the income tax and capital gains tax for 2007/08 and the first payment to account for the year of assessment 2008/09 in the sum of 203,342, together with statutory interest. in his ..... ), the transfer of the unused part of a taxpayer's blind person's allowance (page tr3) or claims for losses in the following tax year (box 3 on page ai3) which do not affect the income tax chargeable in the tax year which the return form addresses. the word "return" may have a wider meaning in other contexts within tma. but, in my view .....

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Oct 19 2011 (FN)

R (on the application of Davies and another) (Appellants) Vs. the Comm ...

Court : UK Supreme Court

..... made clear that, while they considered that alternatively he may well have fallen foul of the provision (which was then in general rule 3 in the first schedule to the income tax act 1918), they did not rest their decision upon it. viscount sumner, on the other hand, at p 227, expressly rested his decision upon it. in reed v clark[1986] ..... prosecution of the war" against napoleon. parliament has recently placed the provision, in modified form and in clearer terms than those of its several predecessors, in section 829 of the income tax act 2007; but it is convenient to cite the section in which it was to be found when the booklet was operative and indeed during the years for which assessments have ..... residence as a matter of law the status of being "resident" in the ukcreates liability to uk tax under provisions of the income tax (earning and pensions) act 2003 and the income tax (trading and other income) act 2005. but the word itself is not currently defined in statute. in 1936 the income tax codification committee appointed by the chancellor of the exchequer issued a report (cmd 5131) in which ..... been raised against the appellants. the section was section 334 of the income and corporation taxes act 1988 and it provided as follows: "commonwealth citizens and others temporarily abroad every commonwealth citizen or citizen of the republic of ireland (a) shall, if his ordinary residence .....

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Jul 24 2013 (FN)

In the Matter of the Nortel Companies and Another

Court : UK Supreme Court

..... of balancing charges, if the assets are parted with at a price greater than the written down value in the circumstances defined in section 292 of the income tax act, 1952" 81. it is true that in sutherland, the house of lords was concerned with the meaning of "contingent liabilities" in the context of ..... scheme (the "trustees"). under the section as originally drafted, an "insolvency event" was limited to the employer going into insolvent liquidation, but the 2004 act extended the expression to include going into administration. in this judgment i shall similarly use the expression to cover going into administration or going into insolvent liquidation ..... it will then consider whether those liabilities rank as expenses of the administration. finally, it will address the power of the court under the 1986 act and the insolvency rules to vary the priority of the liabilities. the relevant statutory provisions relating to pensions 5. in order to protect employees from ..... am not under a contingent liability to pay the price: similarly, if an act says i must pay tax if i trade and make a profit i am not before i begin trading under a contingent liability to pay tax in the event of my starting trading. in neither case have i committed myself ..... relevant date. lord reid said this at p 248: "[i]f an act says i must pay tax if i trade and make a profit, i am not before i begin trading under a contingent liability to pay tax in the event of my starting trading. in neither case have i committed myself .....

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Jul 06 2011 (FN)

Scottish Widows plc (Appellant) Vs. Commissioners for Her Majesty's Re ...

Court : UK Supreme Court

..... century and the first two-thirds of the 20th century there was no corporation tax and no capital gains tax. companies were subject, in much the same way as individuals, to income tax assessed and charged under the various schedules and cases defined in the income tax acts. if a taxpayer received income which could be regarded as falling within more than one schedule or case, the ..... revenue could not claim tax twice, but could choose which schedule to apply. this choice (sometimes referred to as the ..... . this was not unprincipled, since on allocation the profits became liabilities. this provision has been re-enacted in successive consolidating statutes, and finally in section 433 of the income and corporation taxes act 1988 ("icta 1988"), the terms of which are set out in para 103 of lord reed's judgment. section 433 of icta 1988 was repealed and replaced by fa ..... business as a life assurance company. insurance business is a trade within the meaning of case 1 of schedule d: income and corporation taxes act 1988, section 18. the amounts to be taken into account in computing its profits include its investment income from its long term business fund and any increase in the value of its assets during the accounting period. those .....

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Dec 08 2010 (FN)

Progress Property Company Limited (Appellant) Vs. Moorgarth Group Limi ...

Court : UK Supreme Court

..... a point of construction on the taxing statute. more radically, pennycuick j also dealt with a company law point not raised before the special commissioners, and held that the payments of ..... a complicated and artificial tax-avoidance scheme carried out at a time when companies were still subject to income tax (rather than corporation tax). pennycuick j (at p493), upheld the special commissioners' disallowance of payments of interest "grotesquely out of proportion to the principal amounts secured" as not being interest within the meaning of section 169 of the income tax act 1952. that was simply ..... shareholders are concerned with what they see as underused premises ripe for profitable redevelopment. the facts are complicated, and the main issue was on section 320 of the companies act 1985 (approval by company in general meeting of acquisition of non-cash asset by director or connected person). but the judge also dealt with a claim under section 263 ..... however one obvious difference between the typical case of a disguised company distribution and the typical case of a tenancy disguised as a licence in order to avoid the rent acts. there is no identity of interest between the landlord and the putative licensee quite the reverse and the latter agrees to enter an artificial arrangement, against his or .....

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Feb 26 2014 (FN)

Forde and Mchugh Limited Vs. the Commissioners for H M Revenue and Cus ...

Court : UK Supreme Court

..... profit derived from an employment" 10. in my view it is significant that parliament in the1946 act, chose to use the word "earnings" rather than "emoluments", which had been a term used in income tax legislation with a definition which had remained substantially unchanged since the income tax act 1842 the latter word had been the subject of judicial interpretation in particular, in tennant v ..... 2. on 11 april 2002 the appellant company (fml) established by trust deed a retirement benefit scheme to provide relevant benefits (as defined in section 612 of the income and corporation taxes act 1988) to its employees and directors the trust provided that, upon a member's retirement from service, the trustees were to apply the accumulated fund in providing the member ..... excluded from the calculation of graduated contributions by the device (in section 2(1)) of deeming "remuneration" to include only emoluments assessable to income tax under schedule e that arrangement was preserved in the national insurance act 1965 (section 4(2)) but in 1975 the basic scheme and graduated scheme were replaced by a new scheme which provided for graduated contributions ..... mchugh's interest in the transferred assets in short, mr bramwell accepted that "earnings" had a wider meaning than "emoluments" in income tax legislation his submission was that the payment of "earnings" under section 6 of the 1992 act did not extend to the employer's transfer to a trust of funds or assets in which the earner had at the time .....

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May 23 2012 (FN)

Test Claimants in the Franked Investment Income Group Litigation Vs. C ...

Court : UK Supreme Court

..... the principle in marleasing sa v la comercial internacional de alimentaci n sa...case c-106/89) [1990] ecr i-4135that section 231 of the income and corporation taxes act 1988 (which provides for a tax credit in respect of distributions paid by uk resident companies) can be given a construction which, however strained, applies it to distributions by companies resident anywhere ..... ] ewca civ 103, [2010] stc 1251. some have been decided and are no longer in dispute. in particular, it is now common ground that corporation tax measures relating to advance corporation tax ("act") and foreign income dividends ("fids") infringed former article 43 (freedom of establishment) and former article 56 (free movement of capital) of the ec treaty, now articles 49 and 63 ..... judgment, and of the facts as to fid "enhancements" in paras 277 to 302. 33. the principal statutory provision giving a tax credit on qualifying distributions between uk-resident companies was section 231 of the income and corporation taxes act 1988 ("ta 1988"). issue 6 before the court of appeal was whether section 231 could be interpreted, under the marleasing principle (marleasing ..... in an age when (for reasons of economy and efficiency) the trend is towards self-assessment of as many taxes as possible. act was self-assessed, as already noted, and so was the tax which hmrc sought to charge under the ultra vires income tax (building societies) regulations 1986 in woolwich. 76. it is helpful to see how the arguments developed as .....

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Feb 19 2014 (FN)

Marks and Spencer plc and Another Vs. Commissioners for Her Majesty's ...

Court : UK Supreme Court

..... will return below. hmrc maintain that the claims for years prior to 2000, which were governed by the corporation tax pay and file rules in schedule 17a to the income and corporation taxes act ("icta") 1988, were out of time when they were included in the claims that were made on the three ..... time is calculated as follows. first step determine the total amount available for surrender under section 403 of the taxes act 1988 (a) on the basis of the information in the company's company tax return, and (b) disregarding any amendments whose effect is deferred under paragraph 31(3). second step then ..... a loss in respect of which relief has been given under section 393(1) of the taxes act 1988 (carry forward of trading losses), the surrendering company must at the same time amend its company tax return for the period or, if more than one, each of the periods in which ..... a somewhat different point taken by hmrc that this approach offends the principle of legal certainty and jeopardises the preservation of the balanced allocation of taxing rights. however, there is nothing in the conclusion which i have reached so far that offends against the principle of legal certainty. the taxpayer ..... in broad terms, the 'mechanics' of schedule 18 fa 1998 are directed so as to achieve the result that, in their final form, the tax returns of the claimant and surrendering companies accurately reflect amounts eventually shown to be available for surrender, as supported by corresponding notices of consent. further, .....

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Dec 15 2010 (FN)

Commissioners for Her Majesty's Revenue and Customs (Respondent) Vs. D ...

Court : UK Supreme Court

..... holdings (uk) ltd ("dcc") as lender and ulster bank ireland ltd ("the bank") as borrower deemed to exist under section 730a of the income and corporation taxes act 1988 ("icta 1988"); and (3) a loan transaction between the bank as lender and dcc as borrower deemed to exist under section 737a(5) ..... of increasingly sophisticated avoidance schemes, some of which were popularly called "dividend stripping" and "bond washing." when the law of income tax and corporation tax was consolidated in icta 1988, part xvii (headed "tax avoidance") comprised 85 sections, and part xvii, chapter ii (headed "transfers of securities") contained 29 sections. 5. that ..... of fa 1996 effected a fundamental change in the taxation of loan interest for the purposes of corporation tax (but not for the purposes of income tax). the changes were aimed at bringing the tax treatment of all interest onto an authorised basis of accounting (in many cases, including this case an ..... 351, 366) that "'receivability' without receipt is nothing." apart from anti-avoidance provisions the revenue could not charge income tax on a holder of gilts who, by a well-timed sale just before payment of a half-yearly instalment of interest, in effect turned accrued ..... operative provision was section 730a(2)(a): "the difference between the sale price and the repurchase price shall be treated for the purposes of the tax acts - (a) where the repurchase price is more than the sale price, as a payment of interest made by the repurchaser on a deemed .....

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May 11 2011 (FN)

Commissioners for Her Majesty's Revenue and Customs (Appellant) Vs. To ...

Court : UK Supreme Court

..... (who appeared with mr richard vallat and mr thomas chacko for the llps). the procedural issue: statutory provisions matters of procedure in charging income tax, capital gains tax and corporation tax are regulated largely by the taxes management act 1970 ("tma 1970") and regulations made under tma 1970. major amendments were made to tma 1970 in order to provide for the introduction ..... as substituted by fa 2001) provides: "for the purposes of the tax acts, where a limited liability partnership carries on a trade, profession or other business with ..... moses lj noted, at para 1, as "the most fundamental reform of personal tax administration for 50 years"). the changes were introduced by the finance act 1994 ("fa 1994") and took effect, for income tax and capital gains tax purposes, in 1996-97. further amendments were made by the finance act 2001 ("fa 2001") intended to simplify and clarify the process of self-assessment ..... . a limited liability partnership established under the limited liability partnership act 2000 has a legal personality separate from those of its members. but if it carries on a trade it is, under section 118za of the income and corporation taxes act 1988 ("icta 1988"), taxed as if it were an ordinary, non-incorporated partnership. section 118za(1) ( .....

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