GDF Suez Teesside Ltd v The Commissioners for HM Revenue and Customs: [2017] UKUT 0068 (TCC)
Upper Tribunal Tax and Chancery decision of Mr Justice Newey and Judge Bishopp on 17 February 2017.
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CORPORATION TAX 鈥� avoidance scheme 鈥� transfer of contingent, unrecognised, claim against third party to subsidiary in exchange for shares 鈥� subsidiary recognising value of asset despite contingency but parent not recognising shares 鈥� whether accounting GAAP-compliant 鈥� yes 鈥� loan relationship rules 鈥� whether FA 1996 s 84(1) engaged 鈥� yes 鈥� recognised value of asset to be brought into account as credit in parent鈥檚 corporation tax computation 鈥攁ppeal dismissed PROCEDURE 鈥� opening of enquiry 鈥� whether error in identification of accounting period invalidates enquiry 鈥� no, if intention clear.