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Grays Timber Products Ltd v Revenue and Customs: SC 3 Feb 2010

An assessment to income tax had been raised after the employee resold shares in the company issued through the employees’ share scheme at a price which the Revenue said was above the share value. The company appealed against a finding that tax was payable. Held: The appeal failed. The Revenue should calculate the price which … Continue reading Grays Timber Products Ltd v Revenue and Customs: SC 3 Feb 2010

Salvesen’s Trustees v Inland Revenue Commissioners: SCS 1930

The court considered the valuation of shares in a notional purchase. The company’s articles of association contained a provision that the company might at any time, by extraordinary resolution, resolve that any shareholder, other than a director or a person holding more than 10 per cent of the shares of the company do transfer his … Continue reading Salvesen’s Trustees v Inland Revenue Commissioners: SCS 1930

St Aubyn v Attorney General: HL 12 Jul 1951

The donor exercised powers of appointment ‘to make some part of the settled property his own’, and it was ‘wholly irrelevant that by a contemporaneous or later transaction he surrenders his life interest in other parts of it’. The different parts of the property were distinct personal assets, none being real property or an interest … Continue reading St Aubyn v Attorney General: HL 12 Jul 1951

Vizcaya Partners Ltd v Picard and Another: PC 3 Feb 2016

No Contractual Obligation to Try Case in New York (Gibraltar) The appellant had invested in a fraudulent Ponzi scheme run by Bernard Madoff. They were repaid sums before the fund collapsed, and the trustees now sought repayment by way of enforcement of an order obtained in New York. Held: The appeal was allowed. There was … Continue reading Vizcaya Partners Ltd v Picard and Another: PC 3 Feb 2016

Douglas and others v Hello! Ltd and others (No 3): CA 18 May 2005

The principal claimants sold the rights to take photographs of their wedding to a co-claimant magazine (OK). Persons acting on behalf of the defendants took unauthorised photographs which the defendants published. The claimants had retained joint copyright over the photographs and reserved a right to control publication of any particular photographs. In return they made … Continue reading Douglas and others v Hello! Ltd and others (No 3): CA 18 May 2005

Duke of Buccleuch v Inland Revenue Commissioners: HL 1967

When a valuation was to be attributed to a property the test must be applied to the property as it actually existed and not to some other property, even if in real life a vendor would have been likely to make some changes or improvements before putting it on the market. As to ‘Splitting and … Continue reading Duke of Buccleuch v Inland Revenue Commissioners: HL 1967

DEG-Deutsche Investitions und Entwicklungsgesellschaft mbH v Koshy and Other (No 3); Gwembe Valley Development Co Ltd (in receivership) v Same (No 3): CA 28 Jul 2003

The company sought to recover damages from a director who had acted dishonestly, by concealing a financial interest in a different company which had made loans to the claimant company. He replied that the claim was out of time. At first instance the first defendant had been found dishonest through non-disclosure, and that section 21 … Continue reading DEG-Deutsche Investitions und Entwicklungsgesellschaft mbH v Koshy and Other (No 3); Gwembe Valley Development Co Ltd (in receivership) v Same (No 3): CA 28 Jul 2003

NML Capital Ltd v Argentina: SC 6 Jul 2011

The respondent had issued bonds but in 2001 had declared a moratorium on paying them. The appellant hedge fund later bought the bonds, heavily discounted. Judgment was obtained in New York, which the appellants now sought to enforce against assets in the UK. They argued that the terms of issue waived state immunity. Held: The … Continue reading NML Capital Ltd v Argentina: SC 6 Jul 2011

Royal Bank of Scotland Plc v Wilson and Another: SC 24 Nov 2010

(Scotland) Neighbours had each granted a standard security over their respective properties to the bank. The charge agreements contained personal covenants to repay the sums borrowed on demand. The land-owners appealed against an order for ejectment. Held: The borrowers’ appeal succeeded. The 1970 Act created the standard security but it was a very technical Act. … Continue reading Royal Bank of Scotland Plc v Wilson and Another: SC 24 Nov 2010

Holland v Revenue and Customs and Another: SC 24 Nov 2010

The Revenue sought an order under section 212 of the 1986 Act, for payment of the tax debts of the insolvent company by a de facto director. H had organised a scheme under which IT contractors had worked through companies created by him under a composite company scheme, and in each of which he retained … Continue reading Holland v Revenue and Customs and Another: SC 24 Nov 2010