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MIKE TRUMAN analyses the Upper Tribunal’s judgment in UBS AG & Anor v HMRC [2012] All ER (D) 179
KEY POINTS
- Restricted securities should be taxed as income on chargeable events.
- Exemption for certain sales when shares not held by associated company employees.
- Shares can still be restricted even if there is no real prospect of the shareholder making a loss.
- Ramsay principle cannot make these shares a vehicle for the transmission of money.
The attitude of the courts towards avoidance schemes had seemed to be hardening recently.
While such externalities would not in reality affect judges the judicial mood did seem to be in line with that of the country: bankers (and others in the financial services industry) who got large bonuses were already greedy and they certainly should not get away without paying their fair share of tax and National Insurance.
Judges however make their judgments based on...
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