.png)
.png)
The taxpayer was a director of a company which he owned jointly with his wife. It established a funded unapproved retirement benefit scheme (FURBS).
In March 2005 the business transferred into the scheme a property valued in excess of £500 000 and advised HMRC about the transfer via a monthly PAYE return.
In his 2004/05 tax return the taxpayer included assessable income of £300 000 which related to a separate cash contribution into the FURBS. He referred to the property transfer in the ‘additional information’ box.
In 2005/06 the company transferred further property in the scheme to which the taxpayer again referred in the ‘additional information’ box of his return.
The Revenue issued discovery assessments for the years 2004/05 and 2005/06 on the basis the transfers constituted employment income.
The taxpayer appealed.
The First-tier Tribunal said that even though the taxpayer had noted the...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
