In Trustees of the Morrison 2002 Maintenance Trust and others v HMRC [2019] EWCA Civ 93 (6 February 2019) the Court of Appeal found that a scheme designed to avoid CGT on the disposal of listed shares failed under the Ramsay doctrine.
Trustees had disposed of listed shares via a tax avoidance scheme which had involved the setting up of trusts in Ireland. The grant and exercise of put options resulted in the acquisition of the shares by the trusts the sale of the shares by the trusts and the repatriation of the trusts to the UK. The UT had found that applying the Ramsay doctrine the sale of listed shares on the stock exchange had been the last step of a pre-ordained composite transaction so that the scheme failed and CGT was payable on the disposal of the shares.
The first issue was whether...
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In Trustees of the Morrison 2002 Maintenance Trust and others v HMRC [2019] EWCA Civ 93 (6 February 2019) the Court of Appeal found that a scheme designed to avoid CGT on the disposal of listed shares failed under the Ramsay doctrine.
Trustees had disposed of listed shares via a tax avoidance scheme which had involved the setting up of trusts in Ireland. The grant and exercise of put options resulted in the acquisition of the shares by the trusts the sale of the shares by the trusts and the repatriation of the trusts to the UK. The UT had found that applying the Ramsay doctrine the sale of listed shares on the stock exchange had been the last step of a pre-ordained composite transaction so that the scheme failed and CGT was payable on the disposal of the shares.
The first issue was whether...
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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)")