The Court of Appeal in Centrica concludes that as the expenses of management related to expenditure incurred after the strategic decision to sell and a change in the accounts to show the investment as ‘held for sale’, they were capital in nature and so not deductible. The Upper Tribunal considers the loan relationships unallowable purpose test in Kwik-Fitand agrees with the FTT’s decision. The consultation document on the VAT exemption for management services provided to special investment funds sets out a proposal to codify current UK policy. From 15 December 2022, the tax treatment of reinsurance of basic life assurance and general annuity business (BLAGAB) is amended in two ways. The 2022 annual report on the bank code shows continued good behaviour across the sector.
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The Court of Appeal in Centrica concludes that as the expenses of management related to expenditure incurred after the strategic decision to sell and a change in the accounts to show the investment as ‘held for sale’, they were capital in nature and so not deductible. The Upper Tribunal considers the loan relationships unallowable purpose test in Kwik-Fitand agrees with the FTT’s decision. The consultation document on the VAT exemption for management services provided to special investment funds sets out a proposal to codify current UK policy. From 15 December 2022, the tax treatment of reinsurance of basic life assurance and general annuity business (BLAGAB) is amended in two ways. The 2022 annual report on the bank code shows continued good behaviour across the sector.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")