.png)
.png)
22 November 2007
Categories:
Tax cases
Astall and another (SpC 628)
The taxpayers entered into a tax avoidance scheme devised by a firm of accountants to shelter over £1 million of taxable income. In brief they became settlors of a life interest trust and lent money to the trust in return for a security issued by one of the trustees a company. The taxpayers had three options:
- redeem the security;
- sell the security to a third party and redeem it at 5% of the redemption price on seven days notice; or
- hold the security for 15 years.
The taxpayers took the second option selling the security to a third party bank for a substantial loss which redeemed the security at 5% of the principal amount. The taxpayers then claimed the difference between the issue price and 6% of the issue price as a loss on a relevant...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
