The Resource Ardmore Construction Ltd v Revenue and Customs Commissioners : [2014] UKFTT 453 (TC)

Ardmore Construction Ltd v Revenue and Customs Commissioners : [2014] UKFTT 453 (TC)

Label
Ardmore Construction Ltd v Revenue and Customs Commissioners : [2014] UKFTT 453 (TC)
Title
Ardmore Construction Ltd v Revenue and Customs Commissioners : [2014] UKFTT 453 (TC)
Creator
Contributor
Subject
Language
eng
Summary
Judgment by the First-Tier Tribunal (Tax), UK, decision date 21 May 2014. Ardmore was a UK company owned by two brothers. The brothers also each had trusts based in Gibraltar which held the majority shareholdings in two British Virgins Islands companies. Ardmore subscribed for shares in the companies and made payments of some $4m to the BVI companies in tranches in respect to the shares. The BVI companies then lent equivalent sums to the Gibraltar trusts which in turn lent equivalent sums to Ardmore. Ardmore made interest payments to the Gibraltar trusts but did not repay any capital. The loans were stated not to be secured by any asset in the UK, to be governed by Gibraltar law and the interest to be payable in Gibraltar. HMRC assessed Ardmore for withholding tax on the interest payments made to the Gibraltar trusts. Ardmore argued that the interest did not 'arise' in the UK as the loan was made in Gibraltar. An issue arose at the hearing as to whether HMRC should be allowed to rely on a previous First-tier Tribunal decision which had relied on a previous but unpublished decision of the Special Commissioners for income tax should be referred to. Until 1994, such decisions had been confidential and not normally published and were available to HMRC but not to taxpayers and their advisers. HMRC provided a copy of that decision to the taxpayer and gave an assurance that there were no other relevant unpublished decisions. The main question in this case is on the determination of the source of interest
Citation source
In: International tax law reports. - London. - Vol. 16 (2014),
http://bibfra.me/vocab/relation/comm
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http://library.link/vocab/creatorName
Avery Jones, J.F
Language note
English
http://library.link/vocab/relatedWorkOrContributorName
Baker, P
http://library.link/vocab/subjectName
  • case law
  • tax treaty
  • source of income
  • trust
  • withholding tax
  • interest
Label
Ardmore Construction Ltd v Revenue and Customs Commissioners : [2014] UKFTT 453 (TC)
Instantiates
Publication
Label
Ardmore Construction Ltd v Revenue and Customs Commissioners : [2014] UKFTT 453 (TC)
Publication

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