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First-tier Tribunal (Tax)
You are here: BAILII >> Databases >> First-tier Tribunal (Tax) >> OLIVIA WILKINSON & Ors v Revenue & Customs (CAPITAL GAINS TAX - did an exchange form part of arrangements with a main purpose of CGT avoidance?) [2023] UKFTT 695 (TC) (04 August 2023)
URL: http://www.bailii.org/uk/cases/UKFTT/TC/2023/TC08887.html
Cite as: [2023] UKFTT 695 (TC)
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| Decision Number: | TC 08887 |
| Appellant: | (1) OLIVIA WILKINSON (2) ROBERT WILKINSON (3) HARRIETT MORRIS (4) GEORGINA WILKINSON (5) SUSAN WILKINSON |
| Respondent: | His Majesty's Revenue & Customs |
|
Chairmen / Special Commissioners: |
Zachary CITRON |
| Date Of Decision: | 04/08/2023 |
| Main Category: | PROCEDURE |
| Main Subcategory: | Other |
| Notes: | CAPITAL GAINS TAX - section 137 TCGA 1992 - did an exchange form part of arrangements with a main purpose of CGT avoidance? - appellants 2 and 5, majority shareholders in private company, transferred some of their shares to their daughters (appellants 1, 3 and 4) before third party sale - at sale, daughters received loan notes and shares in third party buyer in a section 135 -˜exchange-™ - daughters held for one year to enable them to qualify for entrepreneurs relief - Snell, Coll and Euromoney considered - Held on the facts: the exchange formed part of a scheme or arrangements - the deal with the third party - but it was not the main purpose of the deal, or one of its main purposes, to enable the CGT planning - appeals allowed |