Review of the Tenconi and Wardle tribunal decisions concerning entrepreneurs’ relief

There have been two recent case reports of appeals to the First-tier Tribunal concerning claims to entrepreneurs’ relief. These are Tenconi (TC8088) and Wardle (TC8105). While it has to be said these cases reveal nothing new they do highlight interesting points for busy practitioners. This article focuses on two points of interest – matters which might not otherwise receive the attention they deserve.

Tenconi

I need do no more than mention that Mr Tenconi’s first argument concerned the tax treatment of a substantial payment which he received as consideration under a contract by which he assigned his entire beneficial interest in what was described as four otherwise non-transferable ‘distribution rights’ held by him in a company referred to as MAH Ltd. I am anticipating that practitioners reading this article who have actual experience of such a transaction will be few in number … and even...