15 August 2013
UT Decision: HMRC v Lloyds TSB Equipment Leasing (No 1) Ltd
CORPORATION TAX – Claim for capital allowances in respect of ships where the end sub-lease was to a non-UK resident user – Time charter to that end user granted by a UK resident company that claimed that its role (as the disponent owner under the time charter) satisfied the terms of section 123 Capital Allowances Act 2001, and therefore constituted a “qualifying user” so preserving the Respondent finance leasing company’s entitlement to 25% writing-down allowances – Three issues the subject of the appeal by HMRC, and one the subject of a cross-appeal by the Respondent
David Ewart QC acted for HMRC.
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