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Caution in correspondence!
Key points
- Details of the business’s and its advisers’ private correspondence were fundamental to HMRC winning the appeal.
- Transfers of a going concern can be awkward as there are many undefined requirements to fulfil.
- Businesses’ tax planning should not be at the expense of the substance of the arrangements put in place.
In 2022 a business and its advisers lost a First-tier Tribunal case when the judge highlighted details in their private correspondence. This will be of interest to practitioners and their clients when discussing plans and intentions.
The Haymarket Media Group Limited (TC8495) decision was published on 19 May 2022 by the First-tier Tribunal. The case concerned VAT and whether the vendor had correctly avoided an output tax charge when they sold the land with planning permission despite having exercised an option to tax. The vendor argued that the sale had qualified as the VAT-free transfer of...
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