Chappell v Revenue and Customs; UTTC 28 Jul 2014

References: [2014] UKUT 344 (TCC)
Links: Bailii
UTTC INCOME TAX – tax avoidance scheme – whether there was transfer of overseas securities and payment of manufactured overseas dividend when relevant statutory provisions construed purposively and transactions viewed realistically – no – whether annual payment not payable under deduction and retention of income tax was deductible for purposes of income tax – no – if payment deductible as payment of manufactured overseas dividends treated as annual payments within section 349(1) ICTA 1988 whether Section 3 ICTA 1988 restricts tax relief to higher rate – yes – appeal by Appellant dismissed and appeal by Respondents allowed