The taxpayer appealed against a finding that the value of shares in quoted companies transferred into his unapproved funded retirement benefits scheme by the employer was payment of a sum under section 595 and was taxable as such.
Held: The appeal failed. The words ‘pays a sum’ were not restricted to payments of cash. To hold otherwise would leave it open to employers to avoid the charge to payment of tax easily. Elsewhere the phrase ‘sum paid’ was extended to non-cash transfers.
Judges:
Blackburne J
Citations:
[2007] EWHC 147 (Ch), Times 08-Mar-2007
Links:
Statutes:
Income and Corporation Taxes Act 1988 595(1)
Jurisdiction:
England and Wales
Income Tax
Updated: 13 July 2022; Ref: scu.248442
