The taxpayers had repeatedly settled shares in the taxpayer company in foreign trusts. The Commissioners sought to use the special legislative regime, imposing a periodic charge to Inheritance Tax on discretionary trusts.
Held: Inheritance Tax should be calculated on the basis that each brother made five separate settlements; s 43 of the 1984 Act does not entitle the CIR to treat five settlements as if they were one settlement.
Judges:
Lord Justice Mummery Lord Justice Dyson Lord Justice Schiemann
Citations:
[2003] EWCA Civ 356, Times 29-Apr-2003, Gazette 05-Jun-2003
Links:
Statutes:
Jurisdiction:
England and Wales
Citing:
Appeal from – The Commissioners of Inland Revenue v Rysaffe Trustee Company (Ci) Limited ChD 31-May-2002
The taxpayers had placed shares in the defendant company in foreign trusts.
Held: Under the general law, each brother had made five separate settlements; that s 43 did not reduce the five settlements to one settlement; that there were five . .
Cited by:
Appealed to – The Commissioners of Inland Revenue v Rysaffe Trustee Company (Ci) Limited ChD 31-May-2002
The taxpayers had placed shares in the defendant company in foreign trusts.
Held: Under the general law, each brother had made five separate settlements; that s 43 did not reduce the five settlements to one settlement; that there were five . .
Lists of cited by and citing cases may be incomplete.
Inheritance Tax, Company
Updated: 07 June 2022; Ref: scu.179911
