Corporate tax update
Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly. In this edition we highlight some of the key tax developments of interest to UK corporates from the third quarter of 2015.
On 11 August 2015, the First-tier Tribunal (in GDF Suez Teeside Ltd v HMRC1 ) held that a taxable profit arose on a transfer of loan relationships from a UK parent company to its subsidiary even though it was accepted that under GAAP-compliant accounting treatment no profit was recognised.