SCIT INCOME TAX – Settlement – Company owned by husband and wife – Allotment of shares in company to their minor children on subscription at par – Payment of dividends to children – Whether settlement by virtue or in consequence of which dividends were paid within meaning of Income and Corporation Taxes Act 1988 ss. 660A(1) and 660G(1) – Yes – Appeal dismissed.
ASSESSMENT – Extended time limits – Negligent conduct – Husband and wife owned all shares in company – Husband and wife allowed minor children to subscribe for shares at par – Dividends paid to daughters – Whether husband and wife were negligent in omitting daughters’ dividends as dividend income of husband and wife in their tax returns – No.
Citations:
[2008] UKSPC SPC00720
Links:
Jurisdiction:
England and Wales
Income Tax
Updated: 20 December 2022; Ref: scu.278757
