Spring Salmon & Seafood Ltd v Revenue & Customs (INCOME TAX/CORPORATION TAX : Exemptions and reliefs) [2015] UKFTT 616 (TC) (30 November 2015)

Spring Salmon & Seafood Ltd v Revenue & Customs (INCOME TAX/CORPORATION TAX : Exemptions and reliefs) [2015] UKFTT 616 (TC) (30 November 2015)

Appellant failed to provide evidence of acquisition or value of goodwill and failed to establish actual losses incurred. Closure notices validly denied relief for goodwill amortisation and terminal loss relief. Claims were included in returns and subject to enquiry; Schedule 1A TMA 1970 not applicable. Appeals dismissed.

Citation
[2015] UKFTT 616
Parties
Appellant: Spring Salmon & Seafood Limited; Respondents: The Commissioners for Her Majesty’s Revenue & Customs
Jurisdiction
United Kingdom
Judgment Date
30 November 2015
Procedural Posture
Corporation Tax Appeal / Final Judgment After Consolidated Appeals
Outcome
Appeal dismissed
Legal Topics
Terminal Loss Relief, Goodwill Amortisation, Closure Notices, Claims Procedure
Tax Law Corporation Tax Terminal Loss Relief Goodwill Amortisation Closure Notices Claims Procedure

Case Brief

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Parties

Spring Salmon & Seafood Limited

Appellant

The Commissioners for Her Majesty’s Revenue & Customs

Respondents

Procedural Posture

Corporation Tax Appeal / Final Judgment After Consolidated Appeals

Legal Issues

  1. 1 Whether the appellant is entitled to terminal loss relief for claimed losses on cessation of trade
  2. 2 Whether closure notices validly denied terminal loss relief and goodwill amortisation claims
  3. 3 Whether HMRC's enquiry and closure notices were procedurally effective

Ratio Decidendi

Appellant failed to provide evidence of acquisition or value of goodwill and failed to establish actual losses incurred. Closure notices validly denied relief for goodwill amortisation and terminal loss relief. Claims were included in returns and subject to enquiry; Schedule 1A TMA 1970 not applicable. Appeals dismissed.

Court Disposition

Appeal dismissed

Orders

  • Appeals against closure notices for periods ended 31 July 2002, 31 July 2003, 31 July 2004, and 31 January 2005 are dismissed.
  • No relief allowed for goodwill amortisation or terminal loss relief.