The First-tier Tribunal’s decision in M Group Holdings Ltd

Oscar Wilde might have said that there is only one thing in the world worse than being mentioned in a tax case and that is not being mentioned in a tax case. I was quite excited to be alerted by a friend to the fact that I had been mentioned in a First-tier Tribunal case specifically M Group Holdings Ltd (TC8054). I was slightly disappointed to discover that the judge decided that my words of wisdom had no weight in helping him reach a decision and that the company lost which suggests that the tribunal considered my views to be incorrect.

What’s it all about?

The owner of M Group Ltd (MGL) Mr Jeffreys was aware that potential buyers were interested in the company but that the company had some contingent liabilities arising from previous tax planning that made it an...