31 July 2023
M Group Holdings Ltd v HMRC [2023] UKUT 00213 (TCC)
This appeal concerns the substantial shareholding exemption (“SSE”) from the charge to corporation tax on gains arising on the disposal of a shareholding in a subsidiary by a company.
The FTT dismissed the appellant’s appeal against HMRC’s decision that the appellant was not entitled to exemption from corporation tax on chargeable gains arising on the sale of its shareholding in a subsidiary company.
The dispute between the parties to be decided by the Upper Tribunal is the correct statutory construction of section 170 of the Taxation of Chargeable Gains Act 1992 (“TCGA”), and paragraphs 15A and 26 of Schedule 7AC to TCGA.
Richard Vallat KC and Laura Ruxandu acted for M Group Holdings.
You can read a copy of the decision here.
This content is provided free of charge for information purposes only. It does not constitute legal advice and should not be relied on as such. No responsibility for the accuracy and/or correctness of the information and commentary set out in the article, or for any consequences of relying on it, is assumed or accepted by any member of PCTC or by PCTC as a whole.
