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Area of Law: Tax
Judgment of the General Court in Case T-508/19 Mead Johnson Nutrition (Asia Pacific) and Others v Commission: partial annulment the Commission decision finding non-taxation of royalty income in Gibraltar constituted unlawful State Aid.
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In The Union Castle Steamship Company Ltd v HMRC [2020] EWCA Civ 547 a case concerning the use of derivative contract rules to engineer tax deductible losses exceeding £100m, the Court of Appeal clarified the meaning of ‘loss’ and ‘arising from’ and the nature of the ‘fairly represents’ test in that context. The earlier decision of the Upper Tribunal also extended the application of transfer pricing rules to certain shareholder transactions (bonus share issues). Ruth Jordan acted for HMRC.
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