Rogers v Revenue & Customs [2011] UKFTT 791 (TC) (28 October 2011)

Rogers v Revenue & Customs [2011] UKFTT 791 (TC) (28 October 2011)

The contractual documents, on their true interpretation, require partial surrenders to be effected equally across all policies. If this is incorrect, no cogent evidence was provided as to the actual basis applied, so general legal principles dictate equal partial surrender across all policies.

Citation
[2011] UKFTT 791 (TC)
Parties
Appellant: Martin Hedley Rogers; Respondents: The Commissioners for Her Majesty’s Revenue and Customs
Jurisdiction
United Kingdom
Judgment Date
28 October 2011
Procedural Posture
Income Tax Appeal / First Tier Tribunal Decision
Outcome
Appeal dismissed in principle
Legal Topics
Income Tax, Chargeable Events, Life Insurance Bonds, Partial Surrender, Contract Interpretation
Tax Law Income Tax Chargeable Events Life Insurance Bonds Partial Surrender Contract Interpretation

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Parties

Martin Hedley Rogers

Appellant

The Commissioners for Her Majesty’s Revenue and Customs

Respondents

Procedural Posture

Income Tax Appeal / First Tier Tribunal Decision

Legal Issues

  1. 1 Whether withdrawals from an offshore bond should be treated as partial surrenders across all policies ('horizontal') or as total surrenders of individual segments ('vertical') for income tax purposes

Ratio Decidendi

The contractual documents, on their true interpretation, require partial surrenders to be effected equally across all policies. If this is incorrect, no cogent evidence was provided as to the actual basis applied, so general legal principles dictate equal partial surrender across all policies.

Court Disposition

Appeal dismissed in principle

Orders

  • Withdrawals to be treated as equal partial surrenders across all policies
  • Tax computation to proceed on this basis