Watkins & anor v HMRC [2011] UKFTT 745 (TC)

Wills & Trusts Law Reports | May 2012 #119

The appellants were the personal representatives of Mrs Kathleen Mary Watkins (the deceased) who died on 18 March 2006 aged 91 years and one day. On 21 December 2004, when she was 89 years and 9 months, the deceased settled her 50% interest in a Royal Skandia Collective Redemption Bond obtained for a premium of £340,000 (the settlement). The deceased’s sons David and Keith were appointed as trustees of the settlement.

The settlement was divided into two funds, ‘the settlor’s fund’ for the absolute benefit of the deceased and ‘the residual fund’ ...

Erdal v HMRCC [2011] UKFTT 87 (TC)

Wills & Trusts Law Reports | December 2011 #115

E owned shares in a company involved in the manufacture of paper. E owned 17,131 ordinary shares and 53,476 A shares in the company. A charitable trust owned the majority shareholding in the company and the terms of the trust meant that it was unlikely that the company would ever be floated. The A shares were non-voting. The company’s articles restricted the sale or other transfer of the company shares.

The question at issue was the value of those shares as at 31 March 1982 for the purposes of Capital Gains Tax (CGT). E appealed against assessments in respect of CGT in the ...