.png)
.png)
The taxpayer took part in a complex avoidance scheme that involved a series of transactions resulting in a chargeable loss and which required him to be non-resident in the UK before 6 April 2003.
He moved to Spain in March 2003 and remained there for the amount of time needed to establish non-residence.
In his self-assessment tax return for 2002/03 the taxpayer claimed a loss of £11 305 017. HMRC opened an enquiry and disallowed the deduction of on the ground the avoidance scheme was ineffective.
The First-tier Tribunal dismissed the taxpayer’s appeal as did the Upper Tribunal. He argued that both tribunals had failed to recognise each option had been a separate transaction giving rise to four separate assets.
The Revenue claimed the Ramsay principle applied because the relevant transaction was the aggregate of all four options.
The Court of Appeal applied Ramsay to facts...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
