In Ms C Rawcliffe v HMRC (TC02529 – 20 February) an employee (R) was made redundant in 2007. She had been previously granted four share options. Following her redundancy her employer failed to comply with the share option agreements and instead made her a cash payment. HMRC issued a ruling that this was a benefit in connection with a failure to acquire securities and was taxable under ITEPA 2003 s 477. R appealed contending that an HMRC guidance publication entitled Approved Company Securities Option Plans issued in January 2008 indicated that the payment would not be taxable. The First-tier Tribunal dismissed her appeal. Sir Stephen Oliver observed that the HMRC publication was ‘as illiterate and as potentially misleading as any official publication that we have come across’. However...
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In Ms C Rawcliffe v HMRC (TC02529 – 20 February) an employee (R) was made redundant in 2007. She had been previously granted four share options. Following her redundancy her employer failed to comply with the share option agreements and instead made her a cash payment. HMRC issued a ruling that this was a benefit in connection with a failure to acquire securities and was taxable under ITEPA 2003 s 477. R appealed contending that an HMRC guidance publication entitled Approved Company Securities Option Plans issued in January 2008 indicated that the payment would not be taxable. The First-tier Tribunal dismissed her appeal. Sir Stephen Oliver observed that the HMRC publication was ‘as illiterate and as potentially misleading as any official publication that we have come across’. However...
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