13 May 2013
FTT Decision: Scotts Atlantic Management Ltd & ors v HMRC
Corporation tax – whether value contributed to Employee Benefit Trusts was deductible for corporation tax purposes – whether director was chargeable to income tax on benefits made available to him – if there was a PAYE liability on the companies, whether that could be traced to the director under Regulation 72 – whether the corporation tax deduction (if allowable on general principles) was denied by paragraph 1 Schedule 24 FA 2003 in the event that the benefits were not taxable as emoluments or earnings of the director – Corporation tax appeal dismissed – Income tax appeal allowed.
James Sheehan, counsel, on behalf of Mr. Dryburgh’s trustee in bankruptcy, Richard Coleman QC, James McClelland and David Yates, Counsel for the
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