26 April 2013
FTT Decision: Euroceanica (UK) Ltd v HMRC
Tonnage tax – credits arising from cash collateral – relevant shipping profits – loan relationship credits – whether received in the course of activities forming an integral part of shipping activities – yes – bareboat charter – over-capacity – meaning.
Giles Goodfellow QC and Zizhen Yang, instructed by Mazars LLP, acted for the Appellant.
David Yates acted for HMRC.
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