In McMahon v Grant Thornton UK LLP [2020] CSOH 50 (26 May 2020) the Court of Session held that tax advisers had not been negligent in failing to advise a client to transfer shares to his wife before a sale in order to benefit from entrepreneurs’ relief. The terms of the retainer were that the adviser would provide tax compliance services only and was not obliged to provide tax planning services.
The taxpayer (M) was the sole shareholder in Lomond Motors Ltd which together with its two wholly owned subsidiaries formed the Lomond Group. On 4 July 2012 M sold all the shares to Lookers Motor Group incurring a substantial liability to CGT on the disposal.
For a number of years GT had provided tax and accountancy services to Lomond and was also engaged to provide personal tax services for M. M contended...
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In McMahon v Grant Thornton UK LLP [2020] CSOH 50 (26 May 2020) the Court of Session held that tax advisers had not been negligent in failing to advise a client to transfer shares to his wife before a sale in order to benefit from entrepreneurs’ relief. The terms of the retainer were that the adviser would provide tax compliance services only and was not obliged to provide tax planning services.
The taxpayer (M) was the sole shareholder in Lomond Motors Ltd which together with its two wholly owned subsidiaries formed the Lomond Group. On 4 July 2012 M sold all the shares to Lookers Motor Group incurring a substantial liability to CGT on the disposal.
For a number of years GT had provided tax and accountancy services to Lomond and was also engaged to provide personal tax services for M. M contended...
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)")