This week's opinion

The First-tier Tribunal decision in Reeves (TC5680) reported on page 6 of this edition is troubling and again highlights the need for some sort of ‘reverse general anti-abuse rule’ under which a strict reading of the tax legislation could be overturned in cases where the result would otherwise be grossly unfair. On the face of it Mr Reeves met all of the requirements for holdover relief but because of the way that rights are attributed to spouses and children the company that was the recipient of his gift was deemed to be foreign-controlled even though as a matter of fact it was not. This is one of those obscure points that makes a tax adviser wake up in the middle of the night in a cold sweat. Would I have identified the point had it been my client? I would like to think so but I...