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03 July 2009
Coll and anor (TC28)
The taxpayers who were married were directors of G. They appointed an adviser in 1997 to help with selling the business to N.
The adviser applied for capital gains tax clearance under TCGA 1992 s 138. The clearance included the following information:
- the couple were divorcing and therefore needed to sell the company;
- the husband was to become the majority shareholder;
- the shares were to be exchanged for loan notes; and
- the husband was to move to the Republic of Ireland.
The clearance application was refused. The sale went ahead with the shares being sold to N in bank guaranteed loan notes.
The couple then decided to give their marriage another go put their main residence on the market and appointed a new adviser who recommended the couple move to Belgium for...
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