Financing Arrangements in UK Law

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Leading Cases
  • Snook v London and West Riding Investments Ltd
    • Court of Appeal (Civil Division)
    • 17 January 1967

    I reprehard that, if it has any meaning in law, it means acts done or documents executed by the parties to the "sham" which are intended by them to give to third parties or to the Court the appearance of creating between the parties legal rights and obligation different from the actual legal rights and obligations(if any)which the parties intend to create.

  • Fiona Trust & Holding Corporation and 75 ors. v Yuri Privalov and 28 ors
    • Queen's Bench Division (Commercial Court)
    • 10 December 2010

    It is true that the schemes said to have been devised by the conspirators were played out on the international stage. They implemented their schemes in different countries according to the business and activity involved. They carried on their banking and conducted their financial dealings through Swiss banks. However, the focus of the conspiracy remained Russian and the collusion was based in Russia although the schemes were played out elsewhere.

  • Barclays Mercantile Business Finance Ltd v Mawson (Inspector of Taxes)
    • House of Lords
    • 25 November 2004

    The present case, like MacNiven, illustrates the need for a close analysis of what, on a purposive construction, the statute actually requires. The object of granting the allowance is, as we have said, to provide a tax equivalent to the normal accounting deduction from profits for the depreciation of machinery and plant used for the purposes of a trade.

    Mr Boobyer, a director of BMBF, gave unchallenged evidence that from its point of view the purchase and lease back was part of its ordinary trade of finance leasing. Indeed, if one examines the acts and purposes of BMBF, it would be very difficult to come to any other conclusion. But these matters do not affect the reality of the expenditure by BMBF and its acquisition of the pipeline for the purposes of its finance leasing trade.

    If the lessee chooses to make arrangements, even as a preordained part of the transaction for the sale and lease back, which result in the bulk of the purchase price being irrevocably committed to paying the rent, that is no concern of the lessor. From his point of view, the transaction is exactly the same. No one disputes that BMBF had acquired ownership of the pipeline or that it generated income for BMBF in the course of its trade in the form of rent chargeable to corporation tax.

  • Airtours Holidays Transport Ltd v Revenue and Customs Commissioners
    • Supreme Court
    • 11 May 2016

    In other words, as I said in Secret Hotels2 Ltd v Revenue and Customs Comrs [2014] STC 937, para 35, when assessing the VAT consequences of a particular contractual arrangement, the court should, at least normally, characterise the relationships by reference to the contracts and then consider whether that characterisation is vitiated by [any relevant] facts.

  • Barclays Bank Plc v O'Brien
    • Court of Appeal (Civil Division)
    • 22 May 1992

    He made an emotional scene on the day she signed and told her that if she did not sign, the company would be bankrupt and her son John would lose his home. These were heavy family pressures but not particularly unusual nor sufficient, in my opinion, to overset and bear down the will of Mrs. O'Brien. She signed because she was persuaded that it was the right thing to do, not because her husband's pressure deprived her consent of reality.

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Legislation
  • Finance (No. 2) Act 2017
    • UK Non-devolved
    • January 01, 2017
    ......, or advice, in connection with—(a) the person’s pension arrangements, or(b) the use of the person’s pension funds.(6) Condition A is that ... the purposes of corporation tax in respect of interest and other financing costs. S-21 . Museum and gallery exhibitions 21 Museum and gallery ......
  • Taxation (International and Other Provisions) Act 2010
    • UK Non-devolved
    • January 01, 2010
    ......(c) Part 6 (tax arbitrage),. . . (d) Part 7 (tax treatment of financing costs and income), and. . . (e) Part 8 (offshore funds). . (2) Part 9 ... . . (b) alternative finance arrangements (see section 365 and Schedule 2),. . . (c) leasing arrangements ......
  • Finance Act 2019
    • UK Non-devolved
    • January 01, 2019
    ...... S-7 . Optional remuneration arrangements: arrangements for cars and vans 7 Optional remuneration arrangements: ... as a result of section 543 of CTA 2010 (excessive property financing costs) is treated for the purposes of this Part as if it met condition A, ......
  • Finance (No. 2) Act 2005
    • UK Non-devolved
    • January 01, 2005
    ...... . (3) In section 80A (arrangements for reimbursing customers)— . . (a) in subsection (2)(a), for ...Financing of companies etc Financing of companies etc . S-40 . Transfer pricing ......
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Books & Journal Articles
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Law Firm Commentaries
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