20 December 2013
FTT Decision: Leeds Design Innovation Centre v HMRC
Income tax and NI – cheap loans – employee benefit trust – discount agreement – was interest or discount paid – was re financing payment – was interest paid for relevant years of assessment – held – payments under discount agreement interest for tax purposes – refinancing did not amount to payment –no interest paid for relevant years – appeals dismissed.
Andrew Thornhill QC & Edward Waldegrave, instructed by Baxendale Walker, acted for the Appellants.
James Rivett acted for HMRC.
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