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Sempra Metals Ltd V Inland Revenue Commissioners
''Sempra Metals Ltd v Inland Revenue Commissioners'' [2007UKHL 34is a UK tax law case, concerning the availability of compound interest upon personal claims. The effect of the case, decided by a majority, was to reverse the outcome of ''Westdeutsche Landesbank Girozentrale v Islington LBC''. However, the Supreme Court departed from this ruling in ''Prudential Assurance Co Ltd v Revenue and Customs Commissioners''. Facts Sempra Metals paid advance corporation tax on its dividends, but the tax breached EU law. Sempra Metals claimed the tax back, as it was paid under a mistake of law, and it demanded compound interest, the time value of the money. The IRC argued the award should be based on simple interest, but if compound, the rate should be the rate the Government could have borrowed at in the relevant period. Judgment The House of Lords held that there was an action for money paid under mistakes of law, ''Kleinwort v Lincoln CC. There was also jurisdiction for giving compound int ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UK Tax Law
Taxation in the United Kingdom may involve payments to at least three different levels of government: central government (HM Revenue & Customs), devolved governments and local government. Central government revenues come primarily from income tax, National Insurance contributions, value added tax, corporation tax and fuel duty. Local government revenues come primarily from grants from central government funds, business rates in England, Council Tax and increasingly from fees and charges such as those for on-street parking. In the fiscal year 2014–15, total government revenue was forecast to be £648 billion, or 37.7 per cent of GDP, with net taxes and National Insurance contributions standing at £606 billion. History A uniform Land tax, originally was introduced in England during the late 17th century, formed the main source of government revenue throughout the 18th century and the early 19th century.Stephen Dowell, ''History of Taxation and Taxes in England'' (Routledge, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Westdeutsche Landesbank Girozentrale V Islington LBC
is a leading English trusts law case concerning the circumstances under which a resulting trust arises. It held that such a trust must be intended, or must be able to be presumed to have been intended. In the view of the majority of the House of Lords, presumed intention to reflect what is conscionable underlies all resulting and constructive trusts. The decision was arguably the most significant of all of the local authorities swaps litigation cases. Facts The Westdeutsche Landesbank Girozentrale sued Islington LBC for the return of £1,145,525, which included compound interest, as money that it had paid under an interest rate swap agreement with the council. Interest rate swap agreements had been declared by the House of Lords, a few years earlier in ''Hazell v Hammersmith and Fulham LBC'', to be ''ultra vires'' and void because they exceeded councils' borrowing powers under the Local Government Act 1972. The council accepted that it should repay the money it had received u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prudential Assurance Co Ltd V Revenue And Customs Commissioners
Prudential may refer to: Companies * Prudential plc, a British multinational insurance company ** Prudential BSN Takaful, a Malaysian takaful company ** ICICI Prudential Life Insurance, an Indian company * Prudential Financial, an American financial products and services company ** Prudential Securities, former financial services arm of Prudential Financial * Prudential Bank Limited, a private commercial bank in Ghana * Prudential Overall Supply, an American laundry and cleanroom company headquartered in Irvine, California, US * Prudential Steamship Corporation, a defunct American shipping company Buildings and structures * Prudential (Guaranty) Building, Buffalo, New York, US * Prudential Assurance Building (other), two buildings in England * Prudential Center (other), several structures in the United States * Prudential Headquarters, several buildings in Newark, New Jersey, US * Prudential House, a skyscraper in Warsaw, Poland * Prudential Tower, a skyscraper ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kleinwort V Lincoln CC
Kleinwort may refer to: *Kleinwort Baronets *Kleinwort Benson Kleinwort Benson was a leading investment bank that offered a wide range of financial services from offices throughout the United Kingdom and Channel Islands. Two families, the Kleinworts and the Bensons, founded two different merchant banks in ... * Kleinwort Hambros {{disambig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
English Trust Law
English trust law concerns the protection of assets, usually when they are held by one party for another's benefit. Trusts were a creation of the English law of property and obligations, and share a subsequent history with countries across the Commonwealth and the United States. Trusts developed when claimants in property disputes were dissatisfied with the common law courts and petitioned the King for a just and equitable result. On the King's behalf, the Lord Chancellor developed a parallel justice system in the Court of Chancery, commonly referred as equity. Historically, trusts have mostly been used where people have left money in a will, or created family settlements, charities, or some types of business venture. After the Judicature Act 1873, England's courts of equity and common law were merged, and equitable principles took precedence. Today, trusts play an important role in financial investment, especially in unit trusts and in pension trusts (where trustees and f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
English Trusts Case Law
English usually refers to: * English language * English people English may also refer to: Peoples, culture, and language * ''English'', an adjective for something of, from, or related to England ** English national identity, an identity and common culture ** English language in England, a variant of the English language spoken in England * English languages (other) * English studies, the study of English language and literature * ''English'', an Amish term for non-Amish, regardless of ethnicity Individuals * English (surname), a list of notable people with the surname ''English'' * People with the given name ** English McConnell (1882–1928), Irish footballer ** English Fisher (1928–2011), American boxing coach ** English Gardner (b. 1992), American track and field sprinter Places United States * English, Indiana, a town * English, Kentucky, an unincorporated community * English, Brazoria County, Texas, an unincorporated community * Eng ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
House Of Lords Cases
A house is a single-unit residential building. It may range in complexity from a rudimentary hut to a complex structure of wood, masonry, concrete or other material, outfitted with plumbing, electrical, and heating, ventilation, and air conditioning systems.Schoenauer, Norbert (2000). ''6,000 Years of Housing'' (rev. ed.) (New York: W.W. Norton & Company). Houses use a range of different roofing systems to keep precipitation such as rain from getting into the dwelling space. Houses may have doors or locks to secure the dwelling space and protect its inhabitants and contents from burglars or other trespassers. Most conventional modern houses in Western cultures will contain one or more bedrooms and bathrooms, a kitchen or cooking area, and a living room. A house may have a separate dining room, or the eating area may be integrated into another room. Some large houses in North America have a recreation room. In traditional agriculture-oriented societies, domestic animals such a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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