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The taxpayer was the director of a company which established an unapproved retirement benefit scheme in 1996 of which he was a member. He was also trustee and administrator of the scheme.
The employer made a cash contribution of £5 000 to the scheme as well as transferring shares valued at £145 000 into it. The taxpayer included the transfer of shares in his 1996-97 tax return but not on the basis that it was taxable. HMRC considered that the transfer was taxable and amended his return accordingly.
The Special Commissioners dismissed the taxpayer's appeal as did the High Court.
In the Court of Appeal the issue was whether the transfer was caught by TA 1988 s 595(1). This section raises a tax charge where an employer pays a sum into an unapproved retirement benefit scheme for the benefit of an employee.
The judges said that...
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