In The Matter of Lehman Brothers International (Europe) (In Administration) Sub Nom (1) Anthony Victor Lomas & Ors v Revenue & Customs (2016)
Judgment Date: 11 Oct 16
Summary The statutory interest to be paid under the Insolvency Rules 1986 r.2.88(7) out of a surplus in an administration was not "yearly interest" within the meaning of the Income Tax Act 2007 s.874. The administrators therefore had no obligation to account for income tax on the interest payments. Facts The applicant...