Sun Life Assurance Company of Canada (UK) Ltd v HM Revenue & Customs

Sun Life Assurance Company of Canada (UK) Ltd v HM Revenue & Customs

Carried forward trading losses under s.393 ICTA 1988 are not deductible from Case I profits for BLAGAB for purposes of s.89 FA 1989; 'Case I profits' refers to profits computed for the relevant period only, and s.393 is not a provision 'applicable to Case I of Schedule D' for this purpose.

Source-derived case information.

Parties
Appellant/cross Appeal Respondent: Sun Life Assurance Company of Canada (UK) Limited; Respondent/cross Appeal Appellant: Her Majesty’s Commissioners of Revenue & Customs
Jurisdiction
England and Wales
Judgment Date
20 January 2009
Procedural Posture
Tax Appeal / Judgment on Appeal From Special Commissioners
Outcome
cross-appeal allowed; appeal dismissed
Legal Topics
Corporation Tax, Life Assurance Business, Loss Relief, Statutory Interpretation
Tax Law Corporate Law Corporation Tax Life Assurance Business Loss Relief Statutory Interpretation

Source-derived case record

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Parties

Sun Life Assurance Company of Canada (UK) Limited

Appellant/cross Appeal Respondent

Her Majesty’s Commissioners of Revenue & Customs

Respondent/cross Appeal Appellant

Procedural Posture

Tax Appeal / Judgment on Appeal From Special Commissioners

Legal Issues

  1. 1 Whether carried forward trading losses under s.393 ICTA 1988 can be deducted from Case I profits for BLAGAB for purposes of s.89 FA 1989 in the 2002 and 2003 accounting periods

Ratio Decidendi

Carried forward trading losses under s.393 ICTA 1988 are not deductible from Case I profits for BLAGAB for purposes of s.89 FA 1989; 'Case I profits' refers to profits computed for the relevant period only, and s.393 is not a provision 'applicable to Case I of Schedule D' for this purpose.

Court Disposition

cross-appeal allowed; appeal dismissed

Orders

  • Carried forward trading losses under s.393 ICTA 1988 are not deductible from Case I profits for BLAGAB for purposes of s.89 FA 1989 in the 2002 and 2003 accounting periods.
  • Sun Life's appeal dismissed.