Ebsworth v Revenue & Customs (Rev 1) [2009] UKFTT 199 (TC) (29 July 2009)
The transactions were not undertaken for tax avoidance purposes; they were bona fide commercial transactions to effect a clean break between Mr. and Mrs. Ebsworth. Any alleged tax advantage was not obtained in consequence of a transaction in securities, and the escape clause applies. The appeal is allowed.
- Citation
- [2009] UKFTT 199 (TC)
- Parties
- Appellant: Mr. A J Ebsworth; Respondents: The Commissioners for Her Majesty's Revenue and Customs
- Jurisdiction
- United Kingdom
- Judgment Date
- 29 July 2009
- Procedural Posture
- Income Tax Appeal / Final Judgment
- Outcome
- Appeal allowed
- Legal Topics
- Income Tax, Corporation Tax, Anti Avoidance, Transactions in Securities, Section 703 ICTA, Escape Clause
Case Brief
Summary, issues, holding and outcome
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Parties
Mr. A J Ebsworth
Appellant
The Commissioners for Her Majesty's Revenue and Customs
Respondents
Procedural Posture
Income Tax Appeal / Final Judgment
Legal Issues
- 1 Whether the transactions were undertaken for tax avoidance purposes
- 2 Whether the conditions for the application of section 703 ICTA are fulfilled
- 3 Whether there was a tax advantage
Ratio Decidendi
The transactions were not undertaken for tax avoidance purposes; they were bona fide commercial transactions to effect a clean break between Mr. and Mrs. Ebsworth. Any alleged tax advantage was not obtained in consequence of a transaction in securities, and the escape clause applies. The appeal is allowed.
Court Disposition
Appeal allowed
Orders
- Section 703 ICTA notice set aside
- No tax advantage found in consequence of transaction in securities
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