Chappell v Revenue & Customs [2014] UKUT 344 (TCC) (28 July 2014)
INCOME TAX – tax avoidance scheme – whether there was transfer of overseas
securities and payment of manufactured overseas dividend when relevant statutory
provisions construed purposively and transactions viewed realistically - no –
whether annual payment not payable under deduction and retention of income tax
was deductible for purposes of income tax - no – if payment deductible as payment
of manufactured overseas dividends treated as annual payments within section
349(1) ICTA 1988 whether Section 3 ICTA 1988 restricts tax relief to higher rate –
yes – appeal by Appellant dismissed and appeal by Respondents allowed
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