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The taxpayer and his wife ran a company Paycheck Services Ltd which dealt with the financial affairs of contractors who preferred not to set up their own companies. In 1999 the company was restructured so that the taxpayer and his wife each held 50% of the shares in a new company PSL.
This company held 100% of the shares in two other new companies PDS and PSS. PDS and PSS were incorporated to act as director and secretary of 42 trading companies known as the composite companies.
Each of the composite companies had a single voting ‘A’ share and some 50 non-voting shares. The A share was held by another new company PST of which the taxpayer and his wife were directors and held the share capital.
The aim of the restructure was to ensure that the companies all paid the small companies...
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