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...