Bowring and another v Revenue and Customs Commissioners

Capital gains tax – Settlement. The Upper Tribunal (Tax and Chancery Chamber) (the tribunal) allowed the appeal by the taxpayer beneficiaries of a family trust against a decision of the First-tier Tribunal (Tax Chamber)(the FTT) to reject the taxpayers' appeals against closure notices by the Revenue and Customs Commissioners containing amendments to the taxpayers' self-assessment tax returns for 2002-03. The tribunal decided that no tax liability had been incurred in respect of the capital distributions at issue as s 90 of the Taxation of Chargeable Gains Act 1992 had not applied to the transfer by virtue of the (unintended) effect of s 90(5)(a) of that Act.

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