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Ray Chidell’s article Drivers of change mentioned the recent case of Michael Golding v HMRC [2011] UKFTT 232.
Tolley’s Tax Cases summarises the decision as follows:
‘In 1998 a company (H) which carried on an antiques business purchased a Ferrari which it sold in 2005. HMRC issued an assessment charging tax on the basis that the car had been made available to H’s principal director (G). G appealed contending that the Ferrari had been purchased for advertising purposes and had not been made available to him as he had other cars which he used for his private motoring. The tribunal accepted G’s evidence and allowed his appeal.’
In his article Ray noted that the decision ‘was a novel interpretation and it remains to be seen how HMRC will react’.
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