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Decision Number: |
TC 02725 |
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Appellant:
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Peninsular & Oriental Steam Navigation Company |
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Respondent:
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The Commissioners for Her Majesty's Revenue & Customs |
Chairmen / Special
Commissioners: |
Sir Stephen Oliver QC
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Date Of Decision:
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29/05/2013 |
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Main Category:
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INCOME TAX/CORPORATION TAX |
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Main Subcategory:
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Double taxation |
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Notes:
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CORPORATION TAX – double taxation relief – dividends paid between related
companies: relief for UK and underlying taxes – “rate-boosting” - Australian
subsidiary of claimant company held all shares in UK unlimited company –
Australian subsidiary subscribed for further shares in unlimited company –
cancellation of those further shares and reduction of capital by unlimited company
– subscription monies relating to cancelled shares credited to reserves – reserves
represented by subscription monies released by way of “interim dividend” to
Australian Company – no UK tax borne on reserves out of which “interim
dividend” was paid – whether section 801(4B) of ICTA 1988 applied to increase
underlying tax available for credit in hands of claimant company – no – appeal
dismissed |
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Decision(s) to Download:
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TC02725.pdf 
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