Marlborough DP Ltd v Commissioners for HMRC [2021] WTLR 1329
Wills & Trusts Law Reports | Winter 2021 #185Marlborough DP Ltd (MDPL) operated a dental practice, through which a Dr Thomas, its director and sole shareholder, provided dental services. It had instituted a ‘remuneration trust’ (RT), which it had stated to be for the benefit of persons who had provided or might in the future provide services, custom or products to MDPL. MDPL made ‘contributions’ to the RT which were said to reflect ‘part of the economic cost to [MDPL] of earning its profits’. MDPL then deducted its contributions to the RT as business expenses in computing its profits for accounting purposes, and claimed deductions ...
Mclaughlin v HMRCC [2012] UKFTT 174 (TC)
Wills & Trusts Law Reports | June 2012 #120James Albert McLaughlin (taxpayer), who was UK resident, engaged in a marketed planning scheme to avoid tax on a capital gain that he had made on the sale of a business. The scheme involved the acquisition by exchange of shares for overseas registered loan notes issued by two subsidiaries of Skandia UK Ltd (loan notes). The taxpayer then transferred the loan notes to SG Hambros Trust Company Ltd (trustee) to hold on the trusts of a settlor-interested settlement that he had established on 5 February 2003. By a deed of addition made a month later, the trustee added Adrian Gower, who was do...