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An outrageously unfair result
Key points
- Joost Lobler incurred a massive tax bill on partial surrenders on life insurance products through making the wrong choice.
- The Upper Tribunal allowed his appeal on grounds of rectification.
- Rather than change the wording of ITTOIA 2005 s 507 a new provision was inserted.
- Taxpayers have to write to HMRC asking for a recalculation.
There is no equity about a tax. This hard-edged sentiment from the judgment of Rowlatt J in Cape Brandy Syndicate v...
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