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In Re Toshoko Finance Uk Plc

PostPosted: Thu Sep 05, 2013 7:12 am
by dls
In Re Toshoko Finance Uk Plc - CA - 29-Mar-2000 - (Times 29-Mar-00, Gazette 14-Apr-00) - Corporation Tax - Insolvency - Company
Where a company in liquidation made profits which were to be taken into account for Corporation Tax even though they might never be realisable, the tax payable had priority over the claims of the creditors. In this case the prime asset of the company was a debt due from a connected company. It would not be paid, but the law deemed it to receive interest and that the interest was taxable.
Income and Corporation Taxes Act 1988