Round-the-world scheme sent spinning by UK judgment

July 22, 2010

HM Revenue & Customs (HMRC) has defeated a round-the-world scheme after the Court of Appeal decided, in the Smallwood case, that a capital gain was taxable in the UK.

Unlock this article.

The content you are trying to view is exclusive to our subscribers.

To unlock this article:

Take a Free Trial or Login

More from across our site

Infosys acknowledges £20m tax dispute with HMRC

The Indian company, which is contesting the bill, has a family connection to UK Prime Minister Rishi Sunak – whose government has just been hit by a tax scandal.

Josh White, February 01, 2023

Marina Bay Sands and ArtScience Museum in Singapore after sunset

This month in indirect tax: GST reform in Malaysia; VAT updates in UK, Italy, Ukraine

Developments included calls for tax reform in Malaysia and the US, concerns about the level of the VAT threshold in the UK, Ukraine’s preparations for EU accession, and more.

James Nurton, February 01, 2023

Korean companies stay cautious despite pillar two push

A steady stream of countries has announced steps towards implementing pillar two, but Korea has got there first. Ralph Cunningham finds out what tax executives should do next.

Ralph Cunningham, January 30, 2023

Analysis: NGOs and businesses find common ground on BEFIT

The BEPS Monitoring Group has found a rare point of agreement with business bodies advocating an EU-wide one-stop-shop for compliance under BEFIT.

Josh White, January 27, 2023

Australia’s DPT has been dismissed by many groups as simply a threat used to ensure proper TP analysis

This week in tax: PwC partner banned in Australia over tax leaks

Former PwC partner Peter-John Collins has been banned from serving as a tax agent in Australia, while Brazil reports its best-ever year of tax collection on record.

Josh White, January 27, 2023

Business groups raise TP concerns over BEFIT

Industry groups are concerned about the shift away from the ALP towards formulary apportionment as part of a common consolidated corporate tax base across the EU.

Josh White, January 26, 2023

OECD appoints Fabrizia Lapecorella deputy secretary-general

The former tax official in Italy will take up her post in April.

Josh White, January 25, 2023

Sponsored

Seismic shifts – ITR’s Asia Guide 2023 launched

With marked economic disruption matched by a frenetic rate of regulatory upheaval, ITR partnered with Asia’s leading legal minds to navigate the continent’s growing complexity.

Tom Baker, January 23, 2023

Closeup of the Downing Street sign in Westminster, London, UK.

Opinion: UK politicians have lost their tax ambition

Lawmakers seem more reticent than ever to make ambitious tax proposals since the disastrous ‘mini-budget’ last September, but the country needs serious change.

Josh White, January 23, 2023