HMRC guidance in one of its manuals was a ‘relevant representation’ but the claimant could not demonstrate having relied upon it, and even if it had there was no clear and compelling evidence that in doing so it had suffered substantial detriment.
Summary
HMRC guidance in one of its manuals was a ‘relevant representation’ but the claimant could not demonstrate having relied upon it, and even if it had there was no clear and compelling evidence that in doing so it had suffered substantial detriment.
Background
The claimant company (AUK) was the wholly-owned subsidiary of a Japanese parent company (AJ). AUK established a wholly-owned subsidiary in the US (AUS), which was resident in the US for tax purposes. During its accounting periods ended 31 March 2007 to 31 March 2009, AUK made loans to AUS and received interest payments. The US
