Where a UK resident created an offshore settlement under which he was a member of the class of potential beneficiaries, and the trust made loans to him which did not carry interest and where no request was in fact made for repayment over long periods, the loan amounted to a capital payment under the act … Continue reading Cooper v Billingham (Inspector of Taxes): ChD 10 Feb 2000
The act provided that any payment not chargeable to income tax was to be treated as a capital payment. The settlor had created an off-shore trust in which he retained a determinable life interest, and had received unsecured and interest free loans from the trustees. The loans were repayable on demand, and it was argued … Continue reading Cooper v Billingham (Inspector of Taxes); Fisher v Edwards (Inspector of Taxes): CA 5 Jul 2001
The taxpayers used schemes to create allowable losses, and now appealed assessment to tax. The schemes involved a series of transactions none of which were a sham, but which had the effect of cancelling each other out. Held: If the true nature of the transactions could be seen by looking at them all together, then … Continue reading W T Ramsay Ltd v Inland Revenue Commissioners: HL 12 Mar 1981
ECJ Judgment – Failure of a Member State to fulfil obligations – Freedom of establishment – Free movement of capital – Articles 49 TFEU and 63 TFEU – Articles 31 and 40 of the EEA Agreement – National tax legislation – Attribution of gains to participators in close companies – Different treatment of resident and … Continue reading Commission v United Kingdom: ECJ 13 Nov 2014
A settlor by will was deemed to have had an interest as funds were passed to a Jersey Trust. The section merely made or allowed that a variation of a will would not be a taxable event in UK law. It had no other effects. A deed of family arrangement . .
A variation of trusts in Jersey will be deemed to have been made by the deceased – no Capital Gains Tax arising. Interpretation of deeming Provisions. The taxpayer was not a settlor in an overseas trust. Deeming provisions should not generally be . .
FTTTx CAPITAL GAINS TAX – ss 86, 87, 90, 97 and Schedule 5 TCGA -‘Flip Flop’- whether taxpayer still interested within s.86(1)(d) in first settlement from which he was excluded because money borrowed by first . .
Transfer of trust assets by trustee of non-resident settlement to trustees of new UK-resident settlement – asset transfer linked with trustee borrowing – capital distributions subsequently made by latter settlement to beneficiaries who are also . .
A settlor by will was deemed to have had an interest as funds were passed to a Jersey Trust. The section merely made or allowed that a variation of a will would not be a taxable event in UK law. It had no other effects. A deed of family arrangement . .
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