In D Sinclair v HMRC [2018] UKFTT 740 (17 December 2018) the FTT found that Mr Sinclair had not created a bare trust for the benefit of a claimant who was seeking damages from him so that post-cessation trade relief (PCTR) under ITA 2007 s 96 was not available.
Mr Sinclair was a chartered accountant and he was in a partnership in a firm called Sinclair Silverman with one other partner. His advice to a lady Mrs D in connection with her financial claims against her husband as part of an acrimonious divorce had led to a £7m settlement; and Mr Sinclair had given his client tax and investment advice in relation to the settlement monies. Sinclair Silverman stopped practising in November 2007. Mrs D commenced proceedings for damages against Mr Sinclair in March 2011 and he engaged lawyers to deal with the dispute....
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In D Sinclair v HMRC [2018] UKFTT 740 (17 December 2018) the FTT found that Mr Sinclair had not created a bare trust for the benefit of a claimant who was seeking damages from him so that post-cessation trade relief (PCTR) under ITA 2007 s 96 was not available.
Mr Sinclair was a chartered accountant and he was in a partnership in a firm called Sinclair Silverman with one other partner. His advice to a lady Mrs D in connection with her financial claims against her husband as part of an acrimonious divorce had led to a £7m settlement; and Mr Sinclair had given his client tax and investment advice in relation to the settlement monies. Sinclair Silverman stopped practising in November 2007. Mrs D commenced proceedings for damages against Mr Sinclair in March 2011 and he engaged lawyers to deal with the dispute....
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