Deductible expenses. Section 74 ICTA 1988. A one-off payment to terminate an onerous contract was deductible in computing profits for corporation tax purposes. The payment was held to be of a revenue nature and was wholly and exclusively for the purposes of the taxpayer’s trade rather than the trades of its subsidiaries.Michael Flesch KC and Felicity Cullen appeared for the taxpayer
36 Queen Street, London, EC4R 1BN | +44 (0)20 7242 2642
Vodafone Cellular Ltd v. Shaw (Inspector of Taxes) [1997] STC 734 (C.A.)
Latest news:
Harry Winter promoted to B Panel and Ben Blades appointed to C Panel
Gray’s Inn Tax Chambers are delighted to announce that Harry Winter has been promoted to the Attorney General’s B Panel and Ben Blades has been appointed on the London C Panel.
29 Jul 2026
Share exchanges: just and reasonable adjustments
New legislation rewrites share exchange anti-avoidance rules
29 Apr 2026
GITC Review
Previous issues of the GITC Review are available under the ‘Articles’ Section of this website.
