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In my first two articles about Osmond and Allen (TC9163) I explored the decisions of the First-tier Tribunal (FTT) on the motive test and on whether the counteraction assessments were issued within the statutory time limit. This final article covers the other two elements of the judgment: whether a return of capital is effectively outside the scope of the transactions in securities rules (the relevant consideration argument) and whether the counteraction notices were validly issued. Spoiler alert: the FTT found for HMRC on both issues.
Background
To recap Mr Osmond and Mr Allen held shares that were subject to EIS relief so that if the shares were disposed of for capital gains tax purposes no capital gains tax would arise on the disposal. During 2013 and again in March 2015 both of the appellants entered into share buybacks. The buybacks of March 2015 (£11m...
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