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09 August 2018 / Peter Vaines
Issue: 7805 / Categories: Features , Tax
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Taxing matters

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Peter Vaines , tax guru & part-time bard, tackles the latest cases hitting the tax headlines, from over-reliance on residence to unlikely costs awards

  • Interest paid by a UK company under a foreign loan facility is nonetheless UK source.
  • The conundrum presented by the tax motive tests.
  • Letting property can represent a business qualifying for business property relief, being more than the mere holding of an investment.
  • Costs awarded at the First-tier Tribunal due to one of the parties acting unreasonably in the proceedings.

The Court of Appeal has now published its decision in Ardmore Construction Ltd v Revenue and Customs Commissioners [2018] EWCA Civ 1438, [2018] All ER (D) 143 (Jun) which was concerned with the meaning of UK source income—and therefore whether interest paid by the company was subject to deduction of tax at source.

There are some really difficult issues here, but the decisions of the Upper Tribunal and Court of Appeal (which upheld the decision of the Upper Tribunal) do not make it very easy to find the answer.

There

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