Adam Craggs and Constantine Christofi (RPC) examine the tribunal decision on donations made to the UK Independence Party.
Arron Banks will be known to many readers as a prominent ‘Vote Leave’ figure during the Brexit referendum. Mr Banks and his companies made donations to UKIP between October 2014 and March 2015 in amounts totalling nearly £1m.
When an individual makes a gift that gift will be chargeable to IHT unless it benefits from a relief or exemption.
It was accepted that the donations were ‘transfers of value’ within the meaning of IHTA 1984 s 3. It was also agreed that the transfers of value comprising the donations made by the companies controlled by Mr Banks should be treated as having been made by him under IHTA 1984 s 94 (a charge on participants where a close company makes a transfer of value). The only dispute between the...
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Adam Craggs and Constantine Christofi (RPC) examine the tribunal decision on donations made to the UK Independence Party.
Arron Banks will be known to many readers as a prominent ‘Vote Leave’ figure during the Brexit referendum. Mr Banks and his companies made donations to UKIP between October 2014 and March 2015 in amounts totalling nearly £1m.
When an individual makes a gift that gift will be chargeable to IHT unless it benefits from a relief or exemption.
It was accepted that the donations were ‘transfers of value’ within the meaning of IHTA 1984 s 3. It was also agreed that the transfers of value comprising the donations made by the companies controlled by Mr Banks should be treated as having been made by him under IHTA 1984 s 94 (a charge on participants where a close company makes a transfer of value). The only dispute between the...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")