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Royal Bank of Canada v Commissioners for His Majesty's Revenue and Customs, [2025] UKSC 2-- summary under Separate Existence Summary Under Tax Topics- General Concepts- Separate Existence tax code rests on separate existence of each corporation In connection with finding that a right to work an oil field of a UK subsidiary of a Canadian corporation was not a right of the Canadian corporation to work the field, Lady Rose stated (at para. 88): The idea that an "artificial creation of the legislature", namely a company, has a separate legal personality from its shareholders has been protected and reaffirmed from Salomon v A Salomon & Co Ltd [1897] AC 22 onwards. ...

As stated in London & Thames Haven, an asset’s profitability is an element to be considered in assessing its capital value.... ...

That is what the Supreme Court did in Compagnie Immobilière BCN …, where it decided that the word “disposition” in English (“aliéné” in French) was sufficiently broad to include the extinguishment of a right granted by a lease…. ...

. … The second step in the interpretive exercise is to determine whether the shared meaning is consistent with Parliament’s intent, having regard to the ordinary rules of statutory interpretation: S.A.C. at para. 16, citing Daoust at para. 30. ...

After referring to Huston & Whitehead v. MNR [1962] Ex CR 69, where an award in 1958 of compensation out of the War Claims Fund for a loss suffered in 1945 plus "interest" was found not to contain any element of interest because there was no entitlement to compensation until the award was given, Le Dain J stated (at p. 6085): I think it is the existence on the closing date of a conditional obligation or contingent liability to pay the balance of price which the parties were entitled to treat as having become absolute with retroactive effect, for purposes of interest, that distinguishes the present case from Huston. ...

At issue was whether the full assessed amount qualified as an “amount payable, within the meaning of subsection 223(1) of the Income Tax Act … by an individual,” in which case s. 172.1 of the Bankruptcy and Insolvency Act would have been applicable. ...

& J. Music Ltd., 80 DTC 6219 (F.C.T.D.), per Grant, D.J., at page 6223…. ...

As explained by Rip J….in McMillen …, the amount of a refund resulting from an overpayment, although often set out on the notice of assessment, is not an assessed amount (McMillen, para. 47). ...

The principle was described in James Richardson & Sons, Ltd. v. Minister of National Revenue, [1984] 1 S.C.R. 614, 84 D.T.C. 6325 at 6329, where the Court referred to the English decision of Pretty v. ...

In the Markou case, Paris J found (at para. 108) that “ donative intent in civil law, as in common law, is always an essential element of a gift, even a partial gift,” whereas here “there was just one interconnected transaction and no part of it can be considered a gift that was given in expectation of no return” (para. 109). ...