The taxpayers sought relief after giving shares in a company to another company owned by themselves. The taxpayers appealed refusal of hold over relief in respect of chargeable gains.
Held: The holdings in the recipient company made the companies connected with each other. The section was plainly intended to provide this result, even though that company was Irish.
Judges:
Lord Justice Chadwick, Lord Justice Longmore and Mr Justice Lindsay
Citations:
[2007] EWCA Civ 8, Times 24-Jan-2007
Links:
Statutes:
Taxes Management Act 1970 , Taxation of Chargeable Gains Act 1992 165
Jurisdiction:
England and Wales
Citing:
At Commissioners – Foulser v HM Inspector of Taxes SCIT 22-Feb-2005
CAPITAL GAINS TAX – shareholder giving shares in private company to a company held within an insurance bond – whether the former shareholder and the insurance company were connected persons as acting together to secure or exercise control of the . .
Appeal from – Foulser and Another v HM Inspector of Taxes ChD 20-Dec-2005
The taxpayer company entered into an arrangement in which shares were purchased by a company based in Ireland and resold. A claim was made for holdover relief.
Held: The scheme failed. The restriction imposed did not infringe the right of . .
Lists of cited by and citing cases may be incomplete.
Capital Gains Tax
Updated: 27 October 2022; Ref: scu.247931