Dunsby v Commissioners for Her Majesty’s Revenue and Customs [2021] WTLR 157
Wills & Trusts Law Reports | Spring 2021 #182This was an appeal concerning a tax avoidance scheme designed to allow shareholders in private companies to extract profits without paying income tax on them.
Prior to entering into the scheme, T was sole director and shareholder of M Ltd. The scheme had three steps:
- (1) On 11 March 2013, the board of directors of M Ltd (ie T as sole director) and T resolved to approve the creation of a new class of ‘S’ ordinary shares and the necessary amendments to M Ltd’s articles of association. On the same day, M Ltd (by resolution of T as sole shareholder) created the new S clas...
Seddon & ors v HMRC [2015] UKFTT 140
Wills & Trusts Law Reports | July/August 2015 #151The appellants were trustees of a discretionary settlement settled in 1999. The settlement’s original assets were five £1 ordinary shares in a limited company. In 2000 the settlement received a scrip dividend of preference shares in the company. The preference shares were sold by the trustees two days after their receipt. Their value was £1,382,750. Some nine years later and a few days before the settlement’s ten year anniversary the trustees made a distribution worth £1,260,361 to certain beneficiaries.
The principal issues concerning were:
- 1. Whether the...