The Business Law Reports
[2010] Bus LR 957
Court of Appeal
Kellogg Brown & Root Holdings (UK) Ltd
v
Revenue and Customs Commissioners
[2010] EWCA Civ 118
2010 Feb 2;
24
Lord Neuberger of Abbotsbury MR, Longmore, Smith LJJ
Revenue— Capital gains tax— Group of persons having control of company— Taxpayer claiming to deduct capital loss against chargeable gains— Claim disallowed as loss between “connected persons” only deductible from chargeable gains arising on other disposals between same connected persons— Whether two companies “connected” because of link between their ultimate holding companies— Whether “group” to be given ordinary meaning— Whether requiring common purpose as well as common relation—
Income and Corporation Taxes Act 1988 (c 1), s 416(2)
—
Taxation of Chargeable Gains Act 1992 (c 12), ss 18, 28, 286(5)(b)