Jurisdiction(s):
United Kingdom

Key definition

Amortisation definition

What does Amortisation mean? In lending practice, amortisation is the scheduled repayment of a loan’s principal in instalments over the term, with interest calculated on the reducing balance, rather than a single bullet repayment at maturity. It is a descriptive finance term (not generally defined by legislation or case law) and is given effect by the finance documents, typically through an amortisation schedule or repayment profile. Key features include: fixed or “sculpted” capital repayments; interaction with prepayment provisions (early repayments usually reduce future instalments or the final maturity); and impacts on covenant tests and cash flow (for example DSCR in project finance)....

Court of Justice rules TEAC lacks independence; Article 267 TFEU reference inadmissible in Santander tax goodwill State aid case; Gabalfrisa no longer followed

Published by a LexisNexis Competition expert

Practice notes

CASE HUB ARCHIVED

This archived case hub records the position as at the judgment dated 21 January 2020 and is no longer maintained. See the timeline, commentary and related/relevant cases.

Case facts

Outline

Case C-274/14 Banco de Santander — a national reference from Spain seeking guidance on whether rules allowing tax Amortisation of financial Goodwill accord with EU state aid rules.

Latest developments

On 21 January 2020, the Court of Justice handed down its judgment, finding the questions referred inadmissible on the ground that the TEAC was not ‘a court of tribunal’ for the purposes of Article 267 TFEU.

Parties

Banco de Santander (Santander)

Market

Tax amortisation of financial goodwill.

Background to reference

The case primarily concerns the interpretation of Commission Decision 2011/5 EC of 28 October 2009, addressing the State aid element of a special tax regime enabling amortisation of financial goodwill arising from acquisitions of foreign shareholdings as applied in Spain (the Commission’s 2009 decision). The preliminary reference emerged from an appeal lodged with the TEAC by Santander against a tax assessment issued by the Spanish Tax Inspectorate...

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Web page updated on 21/05/2026

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