Litman & anr v HMRC [2014] UKFTT 089 (TC)
Wills & Trusts Law Reports | June 2015 #150This was the conjoined appeal of two taxpayers against penalty determinations issued against them by HMRC. The taxpayers, who were both business people who held directorships in a number of UK companies, had realised capital gains on the disposal of an entity known as Efforsenrab Ltd and land and buildings in Essex in the UK. They participated in a capital redemption policy scheme and claimed a capital loss arising from that scheme to be set against the capital gains which they had realised. They both signed a professional services agreement with a tax adviser under which it agreed to pr...
Mason & ors v Mills & Reeve [2011] EWHC 410 (Ch)
Wills & Trusts Law Reports | November 2011 #114Christopher Swain (C) built up a very successful business and held 72% of the shares in a group of companies in which each of his four daughters also held 5.3% of the shares. He was advised by a small firm of chartered accountants who prepared tax returns for him, the company and the family trusts and at times for each of his daughters and by a small firm of solicitors who prepared his will, dated 17 January 2006. C decided to sell his company to the management and to use Mills & Reeve, a large full-service law firm (the firm) to advise him and his daughters on the MBO. In June 2006 ...