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The Pollen Estate Trustee Co Ltd & anr v HMRC [2013] EWCA Civ 753
Wills & Trusts Law Reports | November 2013 #134The Pollen Estate Trustee Company (PETCL) held various London properties on trust for the beneficiaries of the Pollen Estate Trust (PET). Two of the beneficiaries of the PET were charities, being the Church Commissioners and Greenwich Hospital. From time to time PETCL bought and sold property. The appeal concerned four properties bought by PETCL on behalf of the PET between 2006 and 2008.
KCL is a charity. It operates a shared equity scheme under which it participates in the acquisition of homes for its employees in return for a share in the equity in the property proportionate to...
Tax: Justice and reason?
Continue reading "Tax: Justice and reason?"
Mclaughlin v HMRCC [2012] UKFTT 174 (TC)
Wills & Trusts Law Reports | June 2012 #120James Albert McLaughlin (taxpayer), who was UK resident, engaged in a marketed planning scheme to avoid tax on a capital gain that he had made on the sale of a business. The scheme involved the acquisition by exchange of shares for overseas registered loan notes issued by two subsidiaries of Skandia UK Ltd (loan notes). The taxpayer then transferred the loan notes to SG Hambros Trust Company Ltd (trustee) to hold on the trusts of a settlor-interested settlement that he had established on 5 February 2003. By a deed of addition made a month later, the trustee added Adrian Gower, who was do...
Rogge & ors v HMRCC [2012] UKFTT 49 (TC)
Wills & Trusts Law Reports | April 2012 #118There were three joined appeals, namely that of R who had paid interest under a loan to the trustees of a trust of which he was the settlor and those of K and the trustees of a trust in which K, the settlor, was interested. K had paid rent to the trustees of a trust under which he was a settlor and of which he was the life tenant. All appealed income tax assessments on the basis that it is impossible for a taxpayer to be taxed on his own expense. Parliament could not have intended s660A(1) of the Income and Corporation Taxes Act 1988 to have this effect. Section 660...