Commissioners of Inland Revenue v Commerzbank AG IRC v Banco do Brasil SA
| Jurisdiction | England & Wales |
| Judgment Date | 09 February 1990 |
| Date | 09 February 1990 |
| Court | Chancery Division |
Chancery Division
Before Mr Justice Mummery
Revenue - double taxation relief - overseas loan interest
The provisions of the 1966 double taxation relief Convention negotiated between the United States and the United Kingdom applied to payments of interest on loans made to US corporations received by the London branches of overseas banks.
Article XV, as amended and scheduled to the Double Taxation Relief (Taxes on Income) (USA) Order (SI 1966 No 1188), was not to be construed as restricting the benefit of the relief to the citizens, residents or corporations of either of the contracting parties to the Convention.
Mr Justice Mummery so held in a reserved judgment in the Chancery Division in dismissing appeals by the Crown by way of case stated from determinations of special commissioners that had allowed separate appeals by Commerzbank AG and Banco do Brasil SA against refusals of the Revenue to their claims to relief from corporation tax under section 497(1) of the Income and Corporation Taxes Act 1970.
Section 497 makes provisions for reliefs by agreements...
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