In Peter Rowe v HMRC [2014] UKFTT 909 – 23 September 2014 the FTT found that the taxpayer was liable to income tax on all the dividends paid on shares he owned.
Although Mr Rowe was entitled to 50% of the dividends paid by CBF Capital Limited (CBF) a company in which he was a director he had only declared 25% of the dividends on his tax return on the basis that his wife was the beneficial owner of the other 25%.
The statutory financial statements of CBF stated that the shareholding of the company was 100% owned by its directors yet Mrs Rowe had never been a director. The statements were signed by Mr Rowe.
The FTT observed that while it may have been Mr Rowe’s intention that his wife should be the owner of half of his shareholding ...
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In Peter Rowe v HMRC [2014] UKFTT 909 – 23 September 2014 the FTT found that the taxpayer was liable to income tax on all the dividends paid on shares he owned.
Although Mr Rowe was entitled to 50% of the dividends paid by CBF Capital Limited (CBF) a company in which he was a director he had only declared 25% of the dividends on his tax return on the basis that his wife was the beneficial owner of the other 25%.
The statutory financial statements of CBF stated that the shareholding of the company was 100% owned by its directors yet Mrs Rowe had never been a director. The statements were signed by Mr Rowe.
The FTT observed that while it may have been Mr Rowe’s intention that his wife should be the owner of half of his shareholding ...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
