The recent decision in Osmond and Allen (TC9163) has generated a great deal of interest in the tax press. The case was about the transactions in securities rules and the judgment is quite long and relatively complex although generally admirably clear so I wanted to make sure I had understood it as completely as possible before writing about it (or at least that’s the excuse that I gave to the editors of Taxation).
This article is in two parts. The first deals with the decision in respect of the motive test which while being specific to this particular case leads to some more general concerns. Also it was only this element of the decision for which leave to appeal was sought and granted so we won’t see any challenge against the other elements of the judgment anytime soon. This is a...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.