Chancery Division.

[The appeal against this decision is reported at [1998] BTC 277.]

Sir John Vinelott.

Judgment delivered 13 November 1996.

Corporation tax – Surplus advance corporation tax – Claim to carry back advance corporation tax – Taxpayer company ceased trading – Company sold assets to fellow group member leaving price outstanding as inter-company debt – Agency agreement with fellow member of group – Neither produced income – Taxpayer paid dividend to parent – Whether taxpayer had an accounting period when dividend paid – Income and Corporation Taxes Act 1988, s. 12, 239(3), 832(1).

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