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Tax and the City review for July 2025

Osmond, Eastern Power Networks and HMRC’s guidance on their new unilateral APA process are among the developments in this month’s review by Mike Lane and Zoe Andrews (Slaughter and May).

Osmond: an effect or consequence is not a main purpose

The Upper Tribunal (UT) in Osmond and another v HMRC [2025] UKUT 183 (TCC) had to consider whether the main purpose test in the transactions in securities rules in ITA 2007 s 684 was satisfied and concluded in favour of the taxpayers that it was not.

The taxpayers had made successive EIS investments over a 30-year period with a view to realising capital gains and had been careful to preserve their EIS relief CGT benefit. Fearing a withdrawal of EIS...

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