Downward v Revenue & Customs [2013] UKFTT 517 (TC) (03 October 2013)
The Tribunal cannot correct or reconstitute the transactions as executed; the assessment is valid as the partial surrenders were carried out in accordance with the instructions and policy terms, and the resulting tax liability stands.
- Citation
- [2013] UKFTT 517 (TC)
- Parties
- Appellant: Roger Downward; Respondents: The Commissioners for Her Majesty’s Revenue & Customs
- Jurisdiction
- United Kingdom
- Judgment Date
- 03 October 2013
- Procedural Posture
- Income Tax Appeal (first Tier Tribunal Tax Chamber) / Full Decision Following Summary Decision and Application for Full Findings
- Outcome
- Appeal dismissed
- Legal Topics
- Income Tax, Chargeable Events, Partial Surrender of Life Policy, Mistake in Financial Instructions, Rectification
Case Brief
Summary, issues, holding and outcome
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Parties
Roger Downward
Appellant
The Commissioners for Her Majesty’s Revenue & Customs
Respondents
Procedural Posture
Income Tax Appeal (first Tier Tribunal Tax Chamber) / Full Decision Following Summary Decision and Application for Full Findings
Legal Issues
- 1 Whether the Tribunal can retrospectively correct mistakes in instructions for partial surrender of a life policy that generated unnecessary tax liability
- 2 Whether the assessment raised by HMRC under the chargeable events legislation is valid
Ratio Decidendi
The Tribunal cannot correct or reconstitute the transactions as executed; the assessment is valid as the partial surrenders were carried out in accordance with the instructions and policy terms, and the resulting tax liability stands.
Court Disposition
Appeal dismissed
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