The taxpayer’s employer had created a scheme to provide to him with a motor vehicle, but seeking to reduce his liabilty for income tax. The company purchased two cars and transferred to him a five per cent interest in each for which he paid. The cars were rather later sold to him at an independent valuation.
Held: The scheme failed. The situation of co-ownership of a car had not been anticipated by parliament. A special regime had been established for cars, and could reasionably be interpreted to encompass the present case. The revenue were correct, and the benefit was taxable.
Judges:
Pumfrey J
Citations:
Times 15-Apr-2004
Statutes:
Income and Corporation Taxes Act 1988 157 168D
Jurisdiction:
England and Wales
Citing:
Appeal from – Vasili v Hm Inspector of Taxes SCIT 15-Aug-2003
. .
Cited by:
Appealed to – Vasili v Hm Inspector of Taxes SCIT 15-Aug-2003
. .
Lists of cited by and citing cases may be incomplete.
Income Tax
Updated: 21 June 2022; Ref: scu.195752
