.png)
.png)
Kellogg Brown & Root Holdings Ltd a UK-resident wholly-owned subsidiary of H Co a US multi-national company acted as the holding company for various UK subsidiaries.
In 1995 a corporate reorganisation took place and shares in two of Kellogg’s subsidiaries were transferred to a new UK-resident company HHUKL a subsidiary of another newly created company in the US HIG.
Kellogg made a loss on the sale of these shares and wished to offset that loss against subsequent chargeable gains in its accounting period ended 31 December 2001.
HMRC did not allow the claim on the basis that Kellogg and HIG (and thereby HHUKL) were connected persons within TCGA 1992 s 18(3).
The Special Commissioner dismissed the company’s appeal.
In the appeal to the High Court Sir Andrew Morritt C agreed with the Special Commissioner.
He said that the relevant time for...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
