36 Queen Street, London, EC4R 1BN | +44 (0)20 7242 2642
Walker (Inspector of Taxes) v. Centaur Clothes Group Ltd [1998] STC 814 (C.A.)

Corporation tax. Accounting periods. ‚Äö√Ñ√∫Within the charge to tax‚Äö√Ñ√π – s.832(1) ICTA 1988.Decision of Vinelott J (Click here) upheld. ACT paid on a dividend cannot be carried back and set against an earlier year’s corporation tax unless the dividend was paid in an accounting period of the company (s.239(3) ICTA 1988). The taxpayer company ceased trading on 6 January 1992 and accordingly an accounting period then ended. No new accounting period started (s.12(2) ICTA 1988) unless the company continued to be ‚Äö√Ñ√∫within the charge to corporation tax‚Äö√Ñ√π. The company had no source of income after 6 January 1992, with the result that after that date it was not within the charge to corporation tax and had no accounting period until 30 September 1993 when it placed ¬¨¬£2000 in an interest-bearing deposit account.David Goldberg KC and Conrad McDonnell appeared for the taxpayer

Latest news:

Gray’s Inn Tax Chambers are delighted to announce Michael Firth is to be appointed King’s Counsel as per the new Silk appointments announced on Friday 19th January 2024.
22 Jan 2024
Gray’s Inn Tax Chambers are delighted to have won two awards at this year’s Chambers UK Bar Awards ceremony held on 30 November.
04 Dec 2023
GITC Review
The 2022 GITC Review is now available
If you would like to be added to the mailing list for future issues of the GITC Review, please send an email to Jane.Fullbrook@taxbar.com.
Read review