Wintershall (E&P) Ltd v Revenue and Customs Commissioners

Income tax – Corporation tax. The Upper Tribunal (Tax and Chancery Chamber) dismissed the appeal by Wintershall (E&P) Ltd against the decision of the First-tier Tribunal (Tax Chamber) to uphold the view taken by the Revenue and Customs Commissioners that the term 'adjusted ring fence profits' on which the supplementary charge was levied in terms of s 501A of the Income and Corporation Taxes Act 1988 meant Wintershall's 'ring fence profits' as adjusted to remove financing costs from the calculation, with the result that the aggregate chargeable gain arising from the transaction in the present case fell to be included in Wintershall's calculation of its liability to the supplementary charge.

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