Tax analysis: The Court of Appeal has found in HMRC’s favour in a long-running case where millions of pounds of tax was at stake. The court dismissed the taxpayer’s appeal and decided that a disregard provision in the derivative contract rules could only apply to a novation between group companies if both companies were subject to the rules. The court allowed HMRC’s cross-appeal and decided that a valid closure notice had not been issued by HMRC when looked at in its objective factual context.
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