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Income tax – Investment income. The taxpayer had made withdrawals from life insurance policies with Zurich Life (Zurich) that he had invested in. Under the Income Tax (Trading and Other Income) Act 2005, each withdrawal had produced a deemed gain, with the result that he was liable to pay some US$560,000 in tax to the Revenue and Customs Commissioners. That large tax liability was the direct result of the taxpayer selecting the wrong option on the claim form provided by Zurich. The Upper Tribunal (Tax and Chancery Chamber) allowed the taxpayer's appeal against an amendment of his tax returns by the Revenue on the ground of rectification alone.
Income tax – Investment income. The taxpayer had made withdrawals from life insurance policies with Zurich Life (Zurich) that he had invested in. Under the Income Tax (Trading and Other Income) Act 2005, each withdrawal had produced a deemed gain, with the result that he was liable to pay some US$560,000 in tax to the Revenue and Customs Commissioners. That large tax liability was the direct result of the taxpayer selecting the wrong option on the claim form provided by Zurich. The Upper Tribunal (Tax and Chancery Chamber) allowed the taxpayer's appeal against an amendment of his tax returns by the Revenue on the ground of rectification alone.
The Bar Council will press for investment in justice at party conferences, the Chancellor’s Budget and Spending Review
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To mark the fifth anniversary of the Bar Standards Board’s Race Equality Taskforce, Dee Sekar reflects on key milestones, the role of regulation in race equality, and calls for views on the upcoming equality rules consultation
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