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Laurent Goulet & Fils Inc. v. MNR, 92 DTC 1611 (TCC)-- summary under Qualified Property Summary Under Tax Topics- Income Tax Act- Section 127- Subsection 127(9)- Qualified Property At the time the taxpayer contacted the lessor ("Hewitt") of equipment to it that it wished to exercise the purchase option, Hewitt suggested another institution ("Lafleur") as a source of financing the purchase. ...

Peter Dixon & Son Ltd. (1943), 25 TC 353 (CA)-- summary under Paragraph 12(1)(c) Summary Under Tax Topics- Income Tax Act- Section 12- Subsection 12(1)- Paragraph 12(1)(c) The Finnish subsidiary of the taxpayer arranged to repay shareholder advances of £319,600 by issuing notes with a face amount of £340,000 and bearing interest at 1% over the Bank of Finland discount rate. ...

Samarkand Film Partnership No. 3 & Ors v Revenue and Customs, [2017] EWCA Civ 77-- summary under Section 96 Summary Under Tax Topics- Income Tax Act- Section 96 whether partnership exists while only preliminary partners Arden LJ followed Eclipse in finding that a film tax shelter partnership was not carrying on a trade given that the film it acquired was immediately leased out for a stream of licensing payments which matched its debt servicing commitments- so that in essence its business was “the payment of a lump sum in return for a series of fixed payments over 15 years.” ...

Lubbock Fine & Co. v Commissioners of Customs and Excise, [1993] EUECJ C-63/92, [1994] 3 All ER 705-- summary under Subsection 221(2) Summary Under Tax Topics- Excise Tax Act- Section 221- Subsection 221(2) tenant's surrender of leasehold qualified as a letting of immovable property A U.K. firm of chartered accountants received a lump sum from its landlord in consideration for surrendering the residue of a lease to the landlord. ...

Dickinson & Ors v Revenue and Customs, [2018] EWCA Civ 2798-- summary under Subsection 315(3) Summary Under Tax Topics- Excise Tax Act- Section 315- Subsection 315(3) Revenue must not let the application of its internal policies preclude the exercise of its statutory discretion HMRC agreed under a pre-2014 statutory regime to postpone the collection of disputed taxes until appeals against the related assessments had been determined. ...

Central Mortgage & Housing Corporation v. Graham, 43 D.L.R. (3d) 686, 1973 Canlii 1244 (N.S.S.C.)-- summary under Subsection 273(1) Summary Under Tax Topics- Excise Tax Act- Section 273- Subsection 273(1) mortgagee liable as also being in joint venture with builder The plaintiff (“CMHC”) had sued for foreclosure with the purchaser (the Grahams) counter-claiming for alleged defects in the building against both CMHC and the builder (Bras D’Or) on the basis that CMHC and Bras D’Or were engaged in a joint venture. ...

Revenue and Customs v Frank A Smart & Son Ltd (Scotland), [2019] UKSC 39-- summary under Subsection 185(1) Summary Under Tax Topics- Excise Tax Act- Section 185- Subsection 185(1) VAT on sale of shares to fund downstream economic activity would be creditable The taxpayer (“FASL”) purchased entitlements to an EU farm subsidy, which generated annual subsidies over several years (which initially exceeded 30 times its cattle sales revenues from its farming operation) and intended to use the money so generated to fund its future current and future business activities, which currently involved only taxable supplies. ...

Carling Export Brew & Malt Co. v. The King, [1931] A.C. 435 (P.C.)-- summary under Regulations/Statutory Delegation Summary Under Tax Topics- Statutory Interpretation- Regulations/Statutory Delegation Regulation to implement an export exemption could be dispensed with A federal excise tax exemption for goods "manufactured for export, under regulations prescribed by the Minister of Customs and Excise" was applicable even though the Minister had made no regulations. ...

G E Financial Investments v.The Commissioners for Her Majesty's Revenue & Customs, [2021] UKFTT 0210 (Tax Chamber), ultimately aff'd [2024] EWCA Civ 797-- summary under Article 24 Summary Under Tax Topics- Treaties- Income Tax Conventions- Article 24 UK would have been required to accord foreign tax credit to dual resident company if the US had imposed its taxes in accordance with the PE article A US company (“GEFI Inc.”) and UK company (“GEFI”) in the GE group formed a Delaware LP (the “LP”) with GEFI Inc. as the 1% general partner and GEFI as the 99% limited partner, LP made five intercompany loans and also received some loans from its partners as capital contributions. ...

Cheshire Cavity Storage 1 Ltd & Anor v Commissioners for Her Majesty's Revenue and Customs, [2022] EWCA Civ 305-- summary under Regulation 1102(2) Summary Under Tax Topics- Income Tax Regulations- Regulation 1102- Regulation 1102(2) a cavity formed out of rock to store gas was not “plant” and was premises or land The taxpayer, which was engaged in the development, construction, and operation of gas storage facilities in the UK, was found not to be entitled to capital allowances in respect of the expenditure incurred on the introduction of water into salt bearing rock so as to dissolve the rock and create an impervious cavity (“leaching”), and the displacement of the resulting brine by the introduction of gas (“de-brining”) so as to permit the storage of gas in the cavity, on the basis that the cavities were not “plant” (an undefined term). ...