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Commissioners for HMRC v Joint Administrators of Lehman Brothers International (Europe) (“LBIE”) (in administration) (2017)

Summary

Statutory interest payable by the administrators of LBIE to its creditors from the surplus in the administration under Rule 2.88(7) of the Insolvency Rules 1986 and Rule 14.23(7) of the Insolvency Rules 2016 is “yearly interest” for the purposes of section 874(1) of the Income Tax Act 2007 and its consequential tax deduction procedure.  In so holding, the Court of Appeal overturned the decision of Hildyard J below.

Facts

Held

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Judgment
19 Dec 2017

Court of Appeal (Civil Division)
Lady Justice Gloster (Vice-President of the Court of Appeal, Civil Division), Lord Justice Patten, Lord Justice David Richards

References
[2017] EWCA Civ 2124

Members
Catherine Addy QC