Edward acted for HMRC in Swiss Centre Limited v. HMRC [2023] UKFTT 449 (TC), a case concerning the deductibility for corporation tax purposes of a £34 million payment made to an Irish government agency out of the proceeds of the sale of the “Swiss Centre”, in London’s Leicester Square. The payment was made, in summary, on account of amounts owed by other companies in the same or related ownership, but which lacked the resources to repay their debts following the 2008 financial crisis. The central question for the Tribunal was whether the payment was deductible under the loan relationship rules, but the taxpayer also argued that about £24 million was deductible in calculating the chargeable gain realised on the sale of the Swiss Centre. The Tribunal decided both issues in HMRC’s favour.

The case, which was heard in Belfast over five days in November 2022, involved significant legal and factual complexity, and both sides adduced expert accounting evidence. Edward led Calypso Blaj, and Swiss Centre Limited was represented by Rory Mullan KC.

The Tribunal’s decision is available here.