Latest by Harry Smith

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Pickles - Credit available for drawing from directors' loan accounts not taxable as distributions

Published on 15 July 2020. By Harry Smith, Senior Associate

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In Pickles v HMRC [2020] UKFTT 00195 (TC), the First-tier Tribunal (FTT) held that excessive consideration for goodwill left outstanding on directors' loan accounts was not taxable under section 1020, Corporation Tax Act 2010 (CTA), as distributions.

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Investec - Court of Appeal confirms partnership contributions not deductible

Published on 03 June 2020. By Harry Smith, Senior Associate

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In Investec Asset Finance Plc and Another v HMRC [2020] EWCA Civ 579, the Court of Appeal has held that partnership contributions were non-deductible, but has upheld the 'no double taxation' principle and prevented HMRC from introducing arguments not previously relied upon.

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