Claire Randall and Katie Allard outline the tax implications of Bowring v HMRC, which concerned a scheme to reduce CGT on capital payments by a trust ‘The judgment in Bowring provides a useful insight for those involved in tax planning as to how the courts are likely to decide on similar issues in the future.’In …
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Wills & Trusts Law Reports | April 2012 #118Zoe Hamar (Z) was notified of an assessment to capital gains tax (CGT) for 2002/03 under s282 of the Taxation of Chargeable Gains Act (TCGA) 1992, in a letter dated 18 August 2009. Prior to that date she had been unaware of the liability that arose from her father, Mr Rogerson (R)’s transfer of three flats to her, one in 2001/02 and two in 2002/03. These transfers gave rise to a CGT liability which was unpaid at his death in June 2003. Following an enquiry by HMRC into R’s tax returns, an amendment was made to his 2002/03 return on 25 July 2007 and, although...
