Principal private residence relief – whether the Appellant was living at the property – appeal dismissed
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Transfer of assets abroad, s739 ICTA 1988 (as amended)
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Penalties for failure to notify liability to CGT – appellant relied on case law which could not be found on any legal website – whether cases generated by artificial intelligence such as ChatGPT – yes, case law invented and not genuine – whether appellant had reasonable excuse for failure to notify – principles in Christine Perrin considered and applied – appeal dismissed
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Private Residence Relief - taxpayers bought land demolished existing house and build new dwelling house which they lived in as main residence then sold for gain - meaning of “period of ownership” used in apportionment relief - held - ownership referred to that of new house as opposed to land as HMRC argued - HMRC’s appeal against FTT decision dismissed
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The Court of Appeal (CA) upheld the decision of the Upper Tribunal’s (UT) decision, concluding that the avoidance of liability to tax was a purpose, but not the main purpose, or one of the main purposes, of the relevant arrangements, for the purposes of the UK equivalent of section s586(3) TCA 1997
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Gunfleet Sands Ltd & Ors v HMRC [2023] UKUT 260 (Gunfleet Sands Ltd & Ors v HMRC [2023] UKUT 260 )
s11 Capital Allowances Act 2001 – taxpayers designed and constructed offshore windfarms – FTT entitled to hold wind turbines and cables together were single item of plant – HMRC’s appeal dismissed – whether expenditure on environmental and technical studies qualified for allowance as expenditure “on provision of plant” – no – jurisdiction of the tribunal where HMRC had made the wrong amendment to a return – when an amount in a tax return is conclusively determined – Schedule 18 Finance Act 1998
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Sale of shares – interpretation of share sale and purchase agreement – did FTT make an error of law in not considering working capital adjustment provisions of SPA – disguised attack on factual findings of FTT – appeal dismissed
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Private Residence Relief – taxpayers bought land demolished existing house and build new dwelling house which they lived in as main residence then sold for gain – meaning of “period of ownership” used in apportionment relief – held - ownership referred to that of new house as opposed to land as HMRC argued – HMRC’s appeal against FTT decision dismissed
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Whether FTT erred in finding payments pursuant to settlement agreements with regulators were non-deductible – no – taxpayers’ appeals dismissed. Whether FTT erred in treating an element of payment which it consider deductible when that payment was part of a package of payments having a penal character – yes – HMRC’s appeal allowed
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section 137 TCGA 1992 – did an exchange form part of arrangements with a main purpose of CGT avoidance? – appellants 2 and 5, majority shareholders in private company, transferred some of their shares to their daughters (appellants 1, 3 and 4) before third party sale – at sale, daughters received loan notes and shares in third party buyer in a section 135 ‘exchange’ – daughters held for one year to enable them to qualify for entrepreneurs relief – Snell, Coll and Euromoney considered – Held on the facts: the exchange formed part of a scheme or arrangements – the deal with the third party – but it was not the main purpose of the deal, or one of its main purposes, to enable the CGT planning – appeals allowed
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