Kwik - Fit Group Limited, Stapleton's (Tyre Services) Limited and Others v The Commissioners for HM Revenue and Customs [2022] UKUT 00314 (TCC)
Upper Tribunal Tax and Chancery decision of Judge Swami Raghavan and Judge Rupert Jones on 25 November 2022
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CORPORATION TAX – loan relationships- unallowable purpose test – intra-group restructuring of debt – whether FTT erred in holding utilisation of “trapped” losses (Non-Trade Relationship Deficits) in intermediate holding company was “tax advantage” – no - whether FTT erred in finding tax avoidance purpose – no – FTT’s attribution of debits to unallowable purpose upheld – appellants’ and HMRC’s appeal dismissed – FTT Decision upheld