What is ‘conspicuously unfair’? The Court of Appeal disagrees with Whipple J, but Michael Sherry (Temple Tax) thinks it was unfair.
Establishing the facts
In the Court of Appeal’s decision in R (oao Hely-Hutchinson) v HMRC [2017] EWCA Civ 1075 (reported in Tax Journal 4 August 2017) the Court of Appeal agreed with the general approach of the judge below (Whipple J) but took a different view of the facts.
Those facts may be summarised briefly. Mr Hely-Hutchinson worked for ABN Amro PLC (ABN). ABN granted him share options in 1989 in respect of his employment. He exercised the options in 1999 and 2000; and in both cases he sold the shares shortly thereafter. He filed his tax returns for 1998/99 and for 1999/2000 on the basis that no liability to capital gains tax arose.
He prepared his returns on the following basis: he...
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What is ‘conspicuously unfair’? The Court of Appeal disagrees with Whipple J, but Michael Sherry (Temple Tax) thinks it was unfair.
Establishing the facts
In the Court of Appeal’s decision in R (oao Hely-Hutchinson) v HMRC [2017] EWCA Civ 1075 (reported in Tax Journal 4 August 2017) the Court of Appeal agreed with the general approach of the judge below (Whipple J) but took a different view of the facts.
Those facts may be summarised briefly. Mr Hely-Hutchinson worked for ABN Amro PLC (ABN). ABN granted him share options in 1989 in respect of his employment. He exercised the options in 1999 and 2000; and in both cases he sold the shares shortly thereafter. He filed his tax returns for 1998/99 and for 1999/2000 on the basis that no liability to capital gains tax arose.
He prepared his returns on the following basis: he...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
