The Court of Appeal decision in Greene King resulted in a partial victory for HMRC, but the double tax result implied by the Upper Tribunal decision has been overturned. HMRC succeeded in arguing that the accounts of Greene King PLC were incorrect and it should have recognised a realised taxable profit. Greene King PLC’s subsidiary, GKA, was held to have a loan relationship, and to be taxable only on the amounts shown in its accounts. The decision of the Upper Tribunal that GKA did not have a ‘meaningful’ loan relationship has been set aside, with a victory for the taxpayer on this aspect.