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On 23 May 2001 judgment was given in favour of the Inland Revenue by the House of Lords in R v Commissioners of Inland Revenue ex parte Newfields Developments Ltd (see (2001) STC 901). There is no further avenue for appeal and taxpayers will have to live within the fiscal consequences of the decision in the future.
However the way in which their Lordships arrived at their decision deserves scrutiny as do the implications of the decision for the future.
Facts and point of law
The facts very shortly were these. (All statutory references are to the Taxes Act 1988 unless otherwise specified.)
An individual Mrs Walker was a controlling participator in Newfields Developments Ltd. This was because a trust held a controlling proportion of the Newfields's shares which by reason of her interest in income of the trust...
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