Abbey National loses repo case over £16m disputed tax bill

HMRC has won the first stage of a tax avoidance case over the Ariel 1 avoidance scheme used by Abbey National Treasury Services PLC (ANTS) and Cater Allen International Ltd (CAIL) at the First Tier Tribunal involving disputed tax of more than £16m after the courts ruled against its attempt to avoid paying corporation tax on the interest on floating loan rate notes

The judgment was released on 5 June following a two-day hearing in early Februaryand is the first stage of what could become a protracted legal battle in the tax courts. The joint appellants have 56 days from then to lodge an appeal through their legal counsel Slaughter & May.

Your free features:

Breaking news and expert analysis
Customisable daily newsletters
Six free CPD learning modules each year
Personalised CPD tracker
Top 75 Firms league tables
Regulatory changes
Hardman’s Tax Data

Tax | Property 118 wins case against HMRC over notifiable scheme notices

Tax | Barclays £21m VAT case and ‘skeletal’ branch

Tax | Football referees not employees in £584k tax dispute

Finance | Legal updates: unfair prejudice petitions not subject to statutory time limits

Finance | Legal updates: danger of digital handshake via email in binding contracts

Navigate

Tax Services

Your free features:

Sign up to Business & Accountancy Daily