Undoubtedly the biggest and best tax set in London.

Legal 500, 2018

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.

Please click here for the full decision.

Menu