Jurisdiction(s):
United Kingdom

UK FTT (Tax): CBGR denied under CTA 2010 s 127 main purpose; s 119 and s 121 satisfied; contemporaneous documents decisive in Lloyds Asset Leasing v HMRC

Published on: 10 February 2025

Published by a LexisNexis Tax expert

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Article summary

Lloyds Asset Leasing Ltd v HMRC [2025] UKFTT 57 (TC)

The appellant, Lloyds Asset Leasing Limited (LAL), was one of 100 subsidiaries within Lloyds Banking Group (LBG) that sought cross‑border group relief (CBGR) in respect of losses suffered by Bank of Scotland Ireland Limited (BOSI) in its Irish banking business. The issue on appeal was whether LAL was entitled to that relief under CTA 2010, Pt 5, Ch 3 (CTA 2010, ss 111–128), provisions which have since been repealed. BOSI, a regulated Irish banking entity, had previously been a subsidiary of Halifax Bank of Scotland plc (HBOS), but became part of LGB following the Lloyds group’s acquisition of HBOS during the 2008 financial crisis. The Irish economy was severely affected by that crisis and, in 2009, a strategic decision was taken that LBG would, going forwards, run a UK‑focussed business and would, over the following years, identify and manage down or dispose of non‑core assets. A range of possibilities for BOSI was considered while, in the near‑term, a ‘manage for value’ (MFV) strategy was maintained...

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