Upper Tribunal holds that HMRC can continue enquiries into multi-million pound claim for consortium relief
HMRC secure the ability to continue their enquiries into the taxpayers’ returns after the Upper Tribunal finds for HMRC in respect of the construction of s.146B of the Corporation Tax Act 2010 – an anti-avoidance provision designed to deter the manipulation by consortia of their “ownership proportions” (as defined in s.144(2) and (23) CTA 2010) so as to increase/accelerate their entitlement to loss relief. HMRC’s enquiries are into the use of losses incurred by companies within the Hutchinson 3G Group and the extent to which they can be surrendered and set off against profits of trading subsidiaries of the UK Power Networks Group, which group was acquired by a consortium of companies in 2010.
Marika Lemos acted for HMRC in the First-tier Tribunal and in the Upper Tribunal.
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