Corporation Tax: Transfer of contingent debts to subsidiary: taxable profits | Practical Law

Corporation Tax: Transfer of contingent debts to subsidiary: taxable profits | Practical Law

The First-tier Tribunal has held that a UK company made a taxable profit when it transferred certain contingent debts to a non-UK subsidiary, even though the company’s accounts did not show any commercial profit on that transaction.

Corporation Tax: Transfer of contingent debts to subsidiary: taxable profits

Practical Law UK Articles 4-618-8640 (Approx. 3 pages)

Corporation Tax: Transfer of contingent debts to subsidiary: taxable profits

by Norton Rose Fulbright LLP
Published on 24 Sep 2015United Kingdom
The First-tier Tribunal has held that a UK company made a taxable profit when it transferred certain contingent debts to a non-UK subsidiary, even though the company’s accounts did not show any commercial profit on that transaction.