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M Phair (TC2752)
The taxpayer was allocated units in his employee company’s capital accumulation plan. He claimed in his self assessment return for 2004/05 repayment of the tax the business had deducted from the distribution he had received from the plan.
HMRC refused the claim. The taxpayer appealed.
The case was assigned to the “complex track” under rule 23 of the Tribunal Procedure (First-tier Tribunal) (Tax Chamber) Rules 2009; a taxpayer can opt out of potential liability for the Revenue’s costs by notifying the tribunal under rule 10(1)(c)(ii). Neither the taxpayer nor his adviser took up the opportunity in spite of a letter being sent.
The First-tier Tribunal concluded that the plan units were employment-related security options within ITEPA 2003 s 471 and were taxable as a chargeable event under s 477(3).
The taxpayer told the tribunal that he was “horrified” that he was potentially liable to pay HMRC’s costs. He...
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