[2016] UKUT 320 (TCC)

Upper Tribunal (Tax and Chancery Chamber)

Hon Mr Justice Roth, Judge Colin Bishopp

Decision released 12 July 2016

Corporation tax – Acquisition of company with accrued losses by company carrying on similar trade – Whether acquirer entitled to set losses against income of enlarged group – Income and Corporation Taxes Act 1988 (‘ICTA 1988’), s. 337, 343, 393 – Losses to be set only against income of predecessorʼs trade – Appeal allowed.

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