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First-Tier Tax TribunalTuesday 21 May 2019

Neville Andrew v Commissioners for HM Revenue and Customs [2019] UKFTT 768 (TC)

Jonathan Davey QC has received judgment in a First-tier Tribunal appeal regarding a pre-planned tax scheme involving the disposal of gilt strips. The issues raised in the appeal included the meaning of the phrase “the amount payable on the transfer” (paragraph 14A(3) of Schedule 13 of the Finance Act 1996). The First-tier Tribunal (“FTT”) (Judge Ashley Greenbank) held that on a purposive construction of the relevant legislation, the term “transfer” was to be interpreted more broadly than the Appellants contended, and, accordingly, on the facts of the case, the “transfer” in question comprised the aggregate of two amounts including a cash cancellation payment under an option agreement. The FTT therefore found the Respondents on the point. Jonathan Davey QC acts for the Respondents (HMRC) with Sam Chandler (5 Stone Buildings); David Yates QC (Pump Court Tax Chambers) for the Appellant.

Read the full judgment here.

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