On 21 February 2007, the UK Court of Appeal gave judgment in the case of Revenue and Customs v UBS AG [2007] EWCA 119 concerning the claim of the UK branch of a Swiss resident company under section 243 Income and Corporation Taxes Act 1988 (ICTA) to payment of a sum equal to the tax credit on UK dividends received by the branch. The facts are as stated in the report of the decision of the Special Commissioner [2005] UKSPC 00480 dismissing the claim, against which the taxpayer appealed. The High Court allowed the appeal on the grounds that the...