Court : House of Lords
..... of "settlement" ("includes any disposition, trust, covenant, agreement, arrangement or transfer of assets") appeared for the first time in subsection (9)(b) of section 21 of the finance act 1936 (provisions as to income settled on children), which was capable of applying to covenanted payments as well as to the income of settled property. covenants ..... classic settlement can produce a sort of blurred double vision. in chamberlain v irc (1943) 25 tc 3 , for instance, the court (in applying section 38(2) of the finance act 1938) had to identify "the property comprised in the settlement" and to decide whether that settlement ("or any provision thereof") was revocable, and unsurprisingly ..... s tax affairs (even if she had written to the revenue) was only changed in 1978 (see the taxation of husband and wife, 1980, cmnd.8093, para25). 63. the final stage, reached when the relevant provisions of the finance act 1988 came into force in 1990, was to abolish the aggregation rule altogether and treat .....
Tag this Judgment!Court : House of Lords
..... respondent association is a "body of persons . . . established for charitable purposes only and is therefore entitled to exemption under section 30 of the finance act, 1921, as amended by section 24 of the finance act, 1927. the special commissioners answered this question in favour of the association but stated a case at the instance of the ..... i would allow the appeal. lord reid my lords, the respondents claim that they are entitled to exemption from income tax under section 30 of the finance act, 1921, as amended by section 24 of the finance act, 1927. it is admitted that if they are a body of persons . . . established for charitable purposes only they are ..... for their opinion, whether the city of glasgow police athletic association is, within the meaning and for the purposes of section 30 of the finance act, 1921 (as amended by section 24 of the finance act, 1927) a charity, namely a body of persons established for charitable purposes only. the lord president pointed out that pemsel .....
Tag this Judgment!Court : House of Lords
..... as follows: "whether the surplus arising from transactions of insurance of the association with its members is assessable to income tax by virtue of section 31 (1) of the finance act, 1933?" the special commissioners answered the question in the affirmative, but their decision was reversed by the first division of the court of ..... included in computing profits for the purposes of corporation profits tax, by virtue of the express provisions of paragraph (h) of subsection (2) of section 53 of the finance act, 1920, the material part of which provides, "profits shall include in the case of mutual trading concerns the surplus arising from transactions with members. ..... members. it is not disputed that the assessment was made on the footing that such surplus constituted profits chargeable to income tax by virtue of section 31 of the finance act, 1933, and could not otherwise be justified. on appeal, the special commissioners affirmed the assessment, and, on the requisition of the association, .....
Tag this Judgment!Court : House of Lords
..... made or adapted for use in connection with computers and various other equipment of a similar nature which it specifies. 17. secondly, section 55a was added by section 19(1) of the finance act 2006, together with section 26ab which provides for the adjustment of accounts to give effect to it. it introduced a system known as reverse charge accounting ..... to the point by his earlier disapproval (at p187) of some wide observations made by lord denning mr in an interlocutory appeal in ex parte island records ltd [1978] ch 122. 93. in the long period during which this issue did not arise for decision there is, unsurprisingly, little discussion of it in the authorities. they ..... enables overpayments of vat to be recovered from the commissioners by a taxpayer, albeit usually subject to a limitation period of six years. 159. section 77a was introduced by the finance act 2003, and was therefore not in force when the events in this case occurred. it applies where, at the time of a taxable supply of .....
Tag this Judgment!Court : House of Lords
..... first enacted in the finance act 1986, section 44, and schedule 11 to that act under which the 1987 regulations were made. the 1988 act is a consolidating act and the relevant provisions in the 1986 act and its schedule 11 became sections 555 to 558 in the 1988 act. the 1987 regulations continue to have effect as if made under the 1988 act (see interpretation act 1978 section 17(2)(b)). this ..... tax appeal raises a point of construction of sections 555 and 556 and, in particular .....
Tag this Judgment!Court : House of Lords
..... the restrictive view which the commissioners took, at that time, as to the scope of regulation 29. the marks and spencer litigation 38. the amendment made by section 47 of the finance act 1997 was challenged by marks and spencer in very complex litigation commenced by two separate notices of appeal against the refusal of repayment claims, one (in respect of tea ..... to be made by 30 june 2003 (that is, there was a similar three-month extension). bb 27/02 did not expressly refer to section 80 of vata 1994 or to section 47(2) of the finance act 1997 (as bb 22/02 had done). but it was framed simply as an extension of the bb 22/02 and it contained no reference ..... of the human rights act 1998 (such as ghaidan v godin-mendoza [2004] 2 ac 557) is in this context irrelevant and misleading. the guiding principles are those set out in the seminal judgment of the ecj in amministrazione delle finanze dello stato v simmenthal spa, case-c 106/77 [1978] ecr 629, paras 2024. the importance and binding nature .....
Tag this Judgment!Court : House of Lords
..... no illegality. 141. the alleged illegality was in the company providing financial assistance for the purchase of its shares, contrary to what was then section 54 of the companies act 1948. that provision is one reflection of the basic principle of company law requiring a limited company to maintain its capital: see the explanation by ..... the auditors negligence was insufficient). there was no suggestion that mr sanders knowledge of or involvement in the fraud could defeat it. 244. more recently, in sasea finance ltd (in liquidation) v kpmg (formerly kpmg peat marwick mclintock [2000] 1 all er 676, the auditors were alleged to have failed to report promptly during the ..... increasingly large amounts under letters of credit providing for deferred payment at maturity dates as long as 180 or even 360 days. the banks believed they were financing bona fide commodity trades, but the documents presented were false and did not relate to actual goods. s and r obtained funds without waiting for the .....
Tag this Judgment!Court : House of Lords
..... law relating to a taxation matter under the care and management of the commissioners for revenue and customs: finance act 2004, section 320 (read together with section 5 of the commissioners for revenue and customs act 2005). that section, which applies only to actions brought on or after 8 september 2003, was enacted in response to the ..... reasonable diligence have discovered it." (with effect from 8 september 2003, this provision no longer applies to mistakes of law in tax cases: see section 320 of the finance act 2004.) dmg says that it did not discover its mistake until the ecj gave judgment (after the commencement of proceedings) and no amount of ..... that the defendant had voluntarily assumed responsibility. but the unhappy experience with the rule so elegantly formulated by lord wilberforce in anns v merton london borough council [1978] ac 728, 751-752, suggests that appellate judges should follow the philosopher's advice to 'seek simplicity, and distrust it.'" other members of the .....
Tag this Judgment!Court : House of Lords
..... make no order. the facts of the case are somewhat involved but present no real difficulty. it is in the application to them of the relevant sections of the finance act, 1940, that i have found it impossible to reach any conclusion that is wholly satisfactory. i will give a broad outline of the relevant facts ..... to deal with the cross appeal of the crown. no one could suppose that section 43 is anything but an obscure section. so was section 11 of the finance act, 1900, the statutory parent of the present enactment. so were section 35 and section 39 of the finance act, 1930, which extended the scope, without elucidating the meaning, of the charge imposed ..... chosen the claim for estate duty on the ordinary shares of the company fails and the appeal must be allowed. the alternative claim which arises under section 46 of the finance act, 1940, must now be considered. it involves the consideration of provisions which are, i think, of unrivalled complexity and difficulty and couched in language .....
Tag this Judgment!Court : House of Lords
..... the benefit of the final consumer". 28. the european background helps to explain the evolution of the vat treatment of building works under domestic legislation. under the finance act 1972, which introduced vat into the united kingdom, all construction and alteration of buildings (of any sort) was zero-rated. in 1981 the commission questioned the ..... i would have expected the notes to deal expressly with that requirement, just as they had at one time, albeit for different reasons not connected with the section 1(5)(b) definition, made distinctions between main buildings and secondary buildings in the grounds of the former. there is nothing in the rationale of the ..... used in conjunction with an indoor swimming pool which they constructed alongside it. 50. the planning (listed buildings and conservation areas) act 1990 ("the 1990 act") provides by section 1(5): "in this act 'listed building' means a building which is for the time being included in a list compiled or approved by the secretary of .....
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