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CRC v Smith & Williamson Corporate Services and P Smiley, Upper Tribunal (Tax and Chancery Chamber), 11 December 2015.
Was a payment to an employee an emolument from employment?
Smith & Williamson Corporate Services employed S a fund manager and members of his team as part of its strategy to increase the funds under management. They had previously worked for Butterfield Private Bank. Under a contract S and his team agreed with SWCS’s sister company Smith & Williamson Investment Management to deliver their client relationships for a goodwill payment. The issue was whether S’s share of the payment was an emolument.
The First-tier Tribunal treated the client relationships as a capital asset and decided that the payment was not an emolument but a capital receipt. The payment was not therefore liable to income tax and National Insurance.
HMRC appealed.
The Upper Tribunal...
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