header-logo header-logo

Tax

15 November 2013
Issue: 7584 / Categories: Case law , Law digest , In Court
printer mail-detail

Armajaro Holdings Ltd v Revenue and Customs Commissioners [2013] UKFTT 571 (TC), [2013] All ER (D) 41 (Nov)

Schedule 29 to the Finance Act 2002 applied to goodwill as it applied to an intangible fixed asset. Goodwill in Sch 29 had the same meaning as it had for accounting purposes. Intangible fixed asset was defined by para 2(1) of Sch 29 in relation to a company but not in relation to a partnership or LLP. Entitlement to relief under Sch 29 to the 2002 Act was dependent on the expenditure being reflected in the accounts of the company claiming entitlement to relief. The accounts had to be drawn up in compliance with UK GAAP. Relief under Pt 2 of Sch 29 was given by reference to expenditure written off or written down for accounting purposes. If accounting rules or practice did not permit the expenditure on acquiring an interest in an LLP to be treated as the acquisition of the LLP’s intangible fixed assets included then s 118ZA of the Income and Corporation Taxes Act 1988 did not change the accounting rules or

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

DWF—19 appointments

DWF—19 appointments

Belfast team bolstered by three senior hires and 16 further appointments

Cadwalader—Andro Atlaga

Cadwalader—Andro Atlaga

Firm strengthens leveraged finance team with London partner hire

Knights—Ella Dodgson & Rebecca Laffan

Knights—Ella Dodgson & Rebecca Laffan

Double hire marks launch of family team in Leeds

NEWS
Charles Pigott of Mills & Reeve reports on Haynes v Thomson, the first judicial application of the Supreme Court’s For Women Scotland ruling in a discrimination claim, in this week's NLJ
Charlie Mercer and Astrid Gillam of Stewarts crunch the numbers on civil fraud claims in the English courts, in this week's NLJ. New data shows civil fraud claims rising steadily since 2014, with the King’s Bench Division overtaking the Commercial Court as the forum of choice for lower-value disputes
The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
Small law firms want to embrace technology but feel lost in a maze of jargon, costs and compliance fears, writes Aisling O’Connell of the Solicitors Regulation Authority in this week's NLJ
Artificial intelligence may be revolutionising the law, but its misuse could wreck cases and careers, warns Clare Arthurs of Penningtons Manches Cooper in this week's NLJ
back-to-top-scroll