The case of R Ames v HMRC [2018] UKUT 190reveals various issues concerning HMRC’s approach to decision making and litigation and the need for a change in EIS related legislation.
Case summary
In 2005 Mr Ames an experienced skydiver invested £50 000 for a 12% minority shareholding in a start-up indoor skydiving company. For two years Mr Ames worked tirelessly as a director of the company to set up the business working closely on the building’s design and construction gaining necessary consents and licences managing working capital finances and accounts and planning for the development of the business. After many years his investment paid off and by June 2011 Mr Ames had sold his shares for over £300 000 making a significant gain on his initial investment. Before he sold his shares Mr Ames called HMRC for advice and an officer...
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The case of R Ames v HMRC [2018] UKUT 190reveals various issues concerning HMRC’s approach to decision making and litigation and the need for a change in EIS related legislation.
Case summary
In 2005 Mr Ames an experienced skydiver invested £50 000 for a 12% minority shareholding in a start-up indoor skydiving company. For two years Mr Ames worked tirelessly as a director of the company to set up the business working closely on the building’s design and construction gaining necessary consents and licences managing working capital finances and accounts and planning for the development of the business. After many years his investment paid off and by June 2011 Mr Ames had sold his shares for over £300 000 making a significant gain on his initial investment. Before he sold his shares Mr Ames called HMRC for advice and an officer...
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