Ramsay v HMRC [2013] UKUT 0226 (TCC)

Wills & Trusts Law Reports | December 2013 #135

The appellant appealed against a decision of the First-tier Tribunal (FTT). The issue before the FTT was whether Mrs Ramsay had transferred to TPQ Developments Ltd (TPQ) a ‘business as a going concern’ in exchange for shares issued by TPQ so as to qualify for roll-over relief under s162 Taxation of Chargeable Gains Act 1992 (TCGA 1992). The FTT found that what Mrs Ramsay had transferred to TPQ was not a business within the meaning of s162 of the TCGA 1992.

Mr and Mrs Ramsay owned a property known as Moat House in Belfast (the property). On 1...

The Trustees of David Zetland Settlement v HMRCC [2013] UKFTT 284

Wills & Trusts Law Reports | July/August 2013 #131

The appellant trustees appealed from a notice of determination dated 16 February 2010 whereby HMRC refused inheritance tax business property relief on the basis that immediately before the ten-year anniversary on 22 September 2007, none of the property comprised in the settlement was relevant business property for the purposes of s104 of the Inheritance Tax Act 1984 (IHTA). HMRC contended that the business was excluded under s105(3) IHTA in that it consisted ‘mainly of… making or holding investments’.

The principal asset of the settleme...

Ramsay v HMRCC [2012] UKFTT 176 (TC)

Wills & Trusts Law Reports | March 2013 #127

In 2004, the appellant (Mrs Ramsay) and her husband transferred a property that they owned (Moat House) into a corporate vehicle, TPQ Developments Ltd, in exchange for shares in that company.

Moat House was a large property converted into ten flats. Five were occupied at the operative time.

On her tax return for 2004/05, Mrs Ramsay claimed relief under s162 Taxation of Chargeable Gains Act 1992 (TCGA) (rollover relief on the transfer to the company).

In September 2007 HMRC raised an enquiry notice.

Mrs Ramsay argued in correspondence that the nume...