Tax updates: October 2014

1 Oct 2014

In this month's roundup of tax cases and technical tax news, Sharon Khin assesses the rulings in the Lloyds shipping case on capital allowances and payments to directors in 'error' are not dividends says First Tier Tribunal in Key Recruitment

Case report: Lloyds capital allowances case remitted back to FTT

The Court of Appeal has set aside the decision of the Upper Tribunal and the First Tier Tribunal (FTT), and has remitted the case to be heard again by the FTT.

The case concerns whether capital allowances were available on two ships where the ships were ultimately leased to non-UK resident lessees in R & C Commrs v Lloyds TSB Equipment Leasing (No 1) Ltd [2014] EWCA Civ 1062.

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