HMRC Takes On Financial Firm Over Share Options Treatment

Law360, London (February 13, 2019, 9:42 PM GMT) -- The U.K.’s tax authority sought on Wednesday to quash a financial firm’s challenge over the tax treatment of its employee benefits, urging a London appeals tribunal not to make the same “error” as the lower tribunal by focusing on two charges that it says are irrelevant to the case.

HM Revenue & Customs has urged the Upper Tribunal to uphold closure notices it issued against NCL Investments and its parent company, Smith & Williamson Holdings Ltd., over their accounting periods ending in April 2010, 2011 and 2012.

The firms had claimed corporation tax deductions against their trading profits, corresponding to accounting...

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