Explainaway Ltd and Others v Revenue and Customs: FTTTx 24 Jun 2011

Corporation tax – scheme to avoid corporation tax on chargeable gains – whether derivative transactions gave rise to chargeable gains and losses – whether loss arising on disposal of shares in group company was an allowable loss – ICTA, s 128 and TCGA, s 2 and s 143 – application of Ramsay principle – whether interest costs for scheme borrowings had an unallowable purpose – FA 1996, Sch 9, para 13

[2011] UKFTT 414 (TC)
England and Wales

Corporation Tax

Updated: 02 November 2021; Ref: scu.443107