CR-2025-007581 - [2025] EWHC 2208 (Ch)

This can be dealt with shortly. The Company has provided no evidence of assigned claims that equal or exceed the debt on the Petition. There is no genuine and substantial cross-claim.

The purported rebate appears to result from losses sustained in the financial year 2023/2024. Mr Maunick says that a tax return was filed recording losses of £7m. The Company has failed to provide any evidence of the claimed losses, how they were calculated or sustained. As HMRC submitted, evidence of profits previously earned against which the losses may be deducted pursuant to section 37 of the Corporation Tax Act 2010 are not in evidence.

Neither is evidence of corporation tax previously paid in respect of which a rebate may become due as a result of those deductions.

The admission of a tax return into evidence is insufficient to establish a substantial cross-claim. In any event, the CT600 is far from complete. It states that accounts and computations are attached to the return. They are not. The Company provides sparse information about its income, chargeable gains, profits before deductions, deductions and reliefs or a calculation of tax said to be outstanding or overpaid. There is no tax reconciliation, although box 780 states that the company had losses of trades of £7,022,856. No documents are provided to support the assertion. No other evidence is given to support a rebate. The available evidence neither explains the origin of the losses nor substantiates the claimed amount.

The evidence is unsatisfactory and fails the requisite test for raising a cross-claim in these proceedings.

I find that there is no genuine and substantial cross-claim.