Source: All England Reporter
Publisher Citation: [2012] All ER (D) 96 (Mar)
Neutral Citation: [2012] EWCA Civ 278
Court: Court of Appeal, Civil Division
Judge:

Lord Justice Rix, Lord Justice Moses and Mr Justice Briggs
Representation John Gardiner QC and Philip Walford (instructed by Slaughter and May) for the taxpayer.
  Malcolm Gammie QC (instructed by the Revenue and Customs Commissioner Solicitor) for the Revenue.
Judgment Dates: 13 March 2012

Catchwords

Corporation tax - Dividends - Deduction of tax - Taxpayer company self-assessing corporation tax for relevant accounting period - Taxpayer including deduction for payment of 'manufactured dividends' - Revenue disputing assessment - Tax tribunals finding that relevant transactions constituting 'dividend' and 'overseas dividend' within meaning of relevant legislation - Tribunals finding that relevant transactions not sale and repurchase of securities within meaning of relevant legislation - Whether preference dividends being income or capital - Whether scheme including 'buy back' of 'similar securities' for purposes of relevant legislation - , , , .

The Case

Corporation tax Dividends. The Court of Appeal, Civil Division, in dismissing an appeal by the Revenue and Customs Commissioners, held that dividends paid pursuant to the taxpayer's structured finance transaction had constituted income, not capital. Further, that the taxpayer's subscription for second issue preference shares had not constituted 'similar securities' for the purpose of ss737A and 730A of the .

Practice Areas

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