Supreme Court: Firms linked to top Morgan Stanley banker and Wayne Rooney denied tax allowances

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(The Supreme Court. (Photo by Dan Kitwood/Getty Images)) Investment firms that buy construction contacts have been denied using tax allowances from a marketed tax scheme by the Supreme Court after it ...

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(Photo by Dan Kitwood/Getty Images)) Investment firms that buy construction contacts have been denied using tax allowances from a marketed tax scheme by the Supreme Court after it ...</p>\n\n<a href=\"https://www.cityam.com/supreme-court-firms-linked-to-top-morgan-stanley-banker-and-wayne-rooney-denied-tax-allowances/\">Source Link</a>\n\n</div>\n","source":"cityam_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Supreme Court: Firms linked to top Morgan Stanley banker and Wayne Rooney denied tax allowances</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSupreme Court: Firms linked to top Morgan Stanley banker and Wayne Rooney denied tax allowances\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-20 19:57 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cityam.com/supreme-court-firms-linked-to-top-morgan-stanley-banker-and-wayne-rooney-denied-tax-allowances/><strong>cityam</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(The Supreme Court. (Photo by Dan Kitwood/Getty Images)) Investment firms that buy construction contacts have been denied using tax allowances from a marketed tax scheme by the Supreme Court after it ...</p>\n\n<a href=\"https://www.cityam.com/supreme-court-firms-linked-to-top-morgan-stanley-banker-and-wayne-rooney-denied-tax-allowances/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2111349929.HKD","symbol_name":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","start_time":0,"source_url":"https://www.cityam.com/supreme-court-firms-linked-to-top-morgan-stanley-banker-and-wayne-rooney-denied-tax-allowances/","article_id":"2484197148","we_media_id":null,"thumbnails":["https://www.cityam.com/wp-content/uploads/2024/10/003-supreme-court.jpg?w=400&h=225&crop=1"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2484197148","pubTimestamp":1732103822,"sourceInfo":{"source_id":"cityam_highlight","name":"cityam"},"weMediaInfo":null,"summary":" Investment firms that buy construction contacts have been denied using tax allowances from a marketed tax scheme by the Supreme Court after it dismissed its appeal against the HMRC. Cobalt Data Centre 2 LLP  and Cobalt Data Centre 3 LLP  were at the heart of the dispute with the tax authorities.The vehicles have Morgan Stanley’s global co-head of investment banking Simon Smith and former Manchester United legend Wayne Rooney listed as members, along with 400 other people.  The legal challenge is over if firms are entitled to 100 per cent capital allowances for expenditure they incurred in construction under the Enterprise Zone Allowances .The Upper Tribunal allowed the appeal. The case then went to the Court of Appeal after HMRC sought to overturn this decision, which was granted in 2022. The Court of Appeal stated that the expenditure was incurred under a new and different agreement and not under the contract that fell within an Enterprise Zone.The tax case was brought to the Supreme","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","BK4581":"高盛持仓","LU1548497426.USD":"安联环球人工智能AT Acc","BK4504":"桥水持仓","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","BK4127":"投资银行业与经纪业","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","BK4516":"特朗普概念","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","BK4522":"非洲概念","LU0106831901.USD":"贝莱德世界金融基金A2","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","EZA":"iShares MSCI South Africa Index","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","MS":"摩根士丹利","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","BK4588":"碎股","LU0971096721.USD":"富达环球金融服务 A"},"translate_title":"最高法院：与摩根士丹利顶级银行家和韦恩·鲁尼有联系的公司被拒绝免税","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MS":1,"EZA":1},"content_text":"(The Supreme Court. (Photo by Dan Kitwood/Getty Images)) Investment firms that buy construction contacts have been denied using tax allowances from a marketed tax scheme by the Supreme Court after it dismissed its appeal against the HMRC. Cobalt Data Centre 2 LLP (CDC2) and Cobalt Data Centre 3 LLP (CDC3) were at the heart of the dispute with the tax authorities.The vehicles have Morgan Stanley’s global co-head of investment banking Simon Smith and former Manchester United legend Wayne Rooney listed as members, along with 400 other people.  The legal challenge is over if firms are entitled to 100 per cent capital allowances for expenditure they incurred in construction under the Enterprise Zone Allowances (EZA). \n\nIn April 2011, the firms acquired, among other assets, a construction contract with Highbridge North Tyneside Developer One and Highbridge North Tyneside Contractor One.The contract was linked to construction works to be undertaken at the Cobalt Business Park in Newcastle, that was, from February 1996 to 18 February 2006, within an enterprise zone.The CDC2 paid over £153m and CDC3 paid over £109m, and in their tax returns for the year 2010-2011, the firms claimed for capital allowances under the EZA regime.In July 2016, HMRC denied the firms’ EZA claims, arguing that the expenditure fell outside the time limits. The case was taken to the Upper Tribunal in 2018 as CDC2 and CDC3 sought to appeal this decision. \n\nThe Upper Tribunal allowed the appeal. The case then went to the Court of Appeal after HMRC sought to overturn this decision, which was granted in 2022. The Court of Appeal stated that the expenditure was incurred under a new and different agreement and not under the contract that fell within an Enterprise Zone.The tax case was brought to the Supreme Court earlier this year after the firms’ appealed the Court of Appeal decision. Today, the top court in the UK unanimously dismissed the case. HMRC has been approached for a comment.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2484197148"}