Gedir v HMRC [2016] UKFTT 188 (TC)

WTLR Issue: June 2016 #160

JARETT GEDIR

V

THE COMMISSIONERS FOR HER MAJESTY'S REVENUE AND CUSTOMS

Analysis

In 2008, the appellant (A) was employed by Bear Stearns in the risk arbitrage unit before and during the period that it was acquired by JP Morgan. A received an offer from JP Morgan to continue to work in his role at the bank, which he accepted. But ultimately in September 2008, he took up a role with Goldman Sachs instead along with other members of his team at Bear Stearns. On leaving Goldman Sachs in 2010, A received a termination payment of £627,965 which he reported in his tax return.

Counsel details

MrAshvin Degnarain (Ocean Tax, 20-22 Wenlock Road, London N1 7GU, tel 020 3544 3432, email info@oceantax.co.uk), tax advisor for the appellant.

Mrs Lynne Gray (Burness Paull, 1 Union Wynd, Aberdeen AB10 1SL, tel 01224 621621) instructed by the general counsel and solicitor to HM Revenue and Customs, for the respondents.

Legislation referenced

Legislation in bold has further reading - click to view.

  • Finance Act 2007, Sch 24
  • Finance Act 2009, Sch 56.
  • Income Tax (Employment and Pensions) Act 2003, s401, s403, s404, s413, s414.
  • Taxes Management Act 1970, s9A, s29.
  • The Transfer of Undertakings (Protection of Employment) Regulations 2006, Reg. 3