Commissioners for HMRC v The Quentin Skinner 2005 Settlement L & ors [2021] WTLR 127

Wills & Trusts Law Reports | Spring 2021 #182

On 30 July 2015 Mr Ludovic Skinner (LS), Mr Rollo Skinner (RS) and Mr Bruno Skinner (BS) were given interests in possession under the L Skinner Settlement, the R Skinner Settlement and the B Skinner Settlement respectively in the whole of the settled property. On 11 August 2015 Mr Quentin David Skinner (QS) gave 55,000 D ordinary shares in DPAS Ltd to each of those settlements. LS, RS and BS had, since 2011, each held 32,250 C class shares with full voting rights in the company and were also officers of DPAS Ltd from at least 2011 onwards. On 1 December 2015 the trustees of the settlemen...

Mackay v Wesley [2020] WTLR 1359

Wills & Trusts Law Reports | Winter 2020 #181

The appellant was appointed a trustee of the Ellen Morris 1990 Settlement (settlement) by a deed of appointment and retirement of trustees dated 19 March 2003. Her co-trustees were her father, the defendant, and Browne Jacobson Trustees Ltd (BJTL). Previously, a decision had been taken to embark on a ‘round the world’ capital gains tax avoidance scheme in relation to the settlement. This involved appointing Mauritian trustees and realising offshore gains where there was no capital gains tax, distributing the proceeds and then appointing UK-resident trustees in the same tax year of assess...

Mackay v Wesley WTLR(w) 2021-03

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Skinner v HMRC [2019] UKFTT 0516 (TC)

Wills & Trusts Law Reports | Winter 2019 #177

On 1 December 2015 three settlements (“the Skinner Settlements”) disposed of 55,000 ordinary shares (“the Shares”) in a company (“the Company”) at a gain. Under each Skinner Settlement a member of the Skinner family had been given an interest in possession in the whole of the settled property on 30 July 2015.

Following the disposal of the Shares, the Skinner Settlements and their respective Beneficiaries (“the Beneficiaries”) claimed entrepreneurs ‘ relief (“ER”) under s169J of the Taxation of Chargeable Gains Act 1...

Howarth v HMRC [2019] EWCA Civ 747

Wills & Trusts Law Reports | Autumn 2019 #176

The Appellant was the settlor of a family trust based in Jersey which, following the merger of two companies, held shares in TeleWork Group plc. Ordinarily a capital gains tax charge would arise on the disposal of the shares but, on the basis of legal advice, it was suggested that this could be avoided if new trustees were appointed before the disposal in a jurisdiction which had no capital gains tax and a double taxation treaty with the UK. In June 2000 the Jersey trustees retired in favour of new trustees resident in Mauritius, in August 2000 the shares were sold in the course of a flo...

Wesley v Mackay [2019] UKFTT 259 (TC)

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P Panayi Accumulation & Maintenance Settlements v HMRC

Wills & Trusts Law Reports | Winter 2018 #170

In 1992 a Cypriot national, Panico Panayi, settled 40% of the shares of Cambos Enterprises Limited on the trusts of four Settlements for the benefit of his children and other family members. At the time the trusts were created, both the settlor and the trustees were resident in the United Kingdom. Subsequently, the settlor and his wife decided to return to Cyprus. On 19 August 2004 new trustees were appointed, all resident in Cyprus. As a result, a majority of the trustees ceased to be resident in the United Kingdom. When the trustees filed tax returns for the year 2004/2005, they failed...

Carrasco & anr v HMRC [2016] UKFTT 0731 (TC)

Wills & Trusts Law Reports | January/February 2017 #166

Mrs Carrasco inherited a London property known as 33 Smith Terrace, Chelsea in June 1988 (‘the property’). She subsequently vested the property in herself and her husband Javier Carrasco by way of a Deed of Gift.

The property was let to tenants from June 1998 to late June 2010. In 2010 it was put up for sale. Exchange of contracts took place on 25 May 2010, and completion took place on 23 July 2010. The appellants moved into the property on 29 June 2010 and resided there until 22 July 2010.

In April 2012, and upon professional advice, the appellants executed a p...

Capital Gains Tax: A question of interpretation

Alex Tamosius explains the implications of Foulser v HMRC [2015] ‘The difference of opinion between the Foulsers and HMRC on the question of valuation is striking, but it is worth pausing from the tribunal’s answer to consider the more obvious question – why has it taken eight years from the Court of Appeal’s decision in …
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