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...
Rialas v HMRC [2019] WTLR 1251
Wills & Trusts Law Reports | Winter 2019 #177During the relevant tax years, R was resident and ordinarily resident, but not domiciled, in the United Kingdom. He was a Cypriot national. He held 50% of the issued shares of ACM, a company incorporated in England and Wales. R worked full time in ACM, which carried on a successful business as a fund manager. C held the other 50% of the shares of ACM.
In order to sell his shares in ACM, R decided to acquire C ‘s shares in ACM using a trust and a company resident outside the UK and borrowed funds, also from an offshore company. R established the R Trust, a discretionary family trus...
Seesurrun & anr v HMRC [2014] UKFTT 783 (TC)
Wills & Trusts Law Reports | January/February 2015 #146The appellants appealed against decisions by the respondent that income of certain non-UK entities (including settlements established in the Isle of Man) could be attributed to them pursuant to s739 of the Income and Corporation Taxes Act 1988 (ICTA), which concerns the prevention of avoidance of income tax by individuals ordinarily resident in the UK by means of transfer of assets abroad.
The appellants owned three companies which carried on the trade of providing residential care to the elderly in the UK (the UK companies). The UK companies operated from four p...