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SANTHIE GOUNDAR reviews the curious case of Desmond John Thresh and explains why a property transfer with his company was not a profit of his employment
KEY POINTS
- Property built by director and then sold to his own company.
- Transaction structured so that no tax liability arose.
- Decision in principle found in appellant’s favour.
- ‘One-off case’ unlikely to set a binding precedent.
Cast your mind back to a more innocent time when the doom and gloom stories of the current recession were nowhere in sight and house prices were shooting up faster than a rocket being launched into space.
With press outpourings regularly reminding us of the subdued property market it is easy to forget that not too long ago – some time around the early to middle part of the last decade – purchasing a house and selling it a few years later for a mouth-wateringly large profit was virtually taken for granted.
This was the backdrop to the transactions...
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