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...

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...

Rogge & ors v HMRCC [2012] UKFTT 49 (TC)

Wills & Trusts Law Reports | April 2012 #118

There 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...