Osmond and Allen 2: Was HMRC in time?

In my first article about Osmond and Allen (TC9163) I explored the decisions of the First-tier Tribunal (FTT) on the motive test and why I feel – along with many others – that the decision was incorrect. Since leave to appeal to the Upper Tribunal on that point has been granted we have much to look forward to.

That was the first of four elements of the judgment the others being whether a return of capital is effectively outside the scope of the transactions in securities rules (the relevant consideration argument) whether the counteraction notices were validly issued and whether the counteraction assessments were issued within the statutory time limit. Spoiler alert: the FTT found for HMRC on all three issues.

This second article (out of three) on the case covers the last of these issues – whether the assessments were raised in...