27 July 2016
UT Decision: HMRC v Leekes Limited
CORPORATION TAX – acquisition of company with accrued losses by company carrying on similar trade – whether acquirer entitled to set losses against income of enlarged group – ICTA ss 337, 343, 393 – losses to be set only against income of predecessor’s trade – appeal allowed.
Elizabeth Wilson, Counsel, instructed by the General Counsel and Solicitor to HM Revenue and Customs for the appellant.
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