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In our Spring 2010 e-news we reported on the case of Kookmin Bank which dealt with the interpretation of a refund guarantee between Kookmin Bank (the "Bank") and the customer of an insolvent shipyard
In the case of Rainy Sky SA v Kookmin Bank, the UK Supreme Court considered the correct interpretation of refund guarantees which were issued by Kookmin Bank to the Purchaser in respect of advance payments made by the latter under a shipbuilding contract
In the case of Lloyds TSB Equipment Leasing (No 1) Ltd v HMRC the first-tier tribunal considers whether a financial arrangement was designed for the purpose of claiming capital allowances and if so whether such an arrangement would preclude a claim for capital allowances
