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Private client review for January 2022

Several recent case decisions in the private client arena, including a challenge to the validity of the loan charge legislation, are examined by Edward Reed and Thomas Simpson (Macfarlanes).

Challenging legislation: justice delayed is justice denied?

When HMRC seeks to triage the reasons why the government may not have successfully levied a certain amount of tax it uses the potentially loaded term ‘behaviour’. The tax gap statistics reveal that the second largest slice on the pie chart after the behaviour termed carelessness is lumped under the heading ‘legal interpretation’ in other words a divergence of opinion on the application of the law to the facts resulting in an outcome unfavourable to HMRC but which does not involve avoidance. HMRC estimate its losses here at £5.8bn or 16% of theoretical losses (or under 1% of theoretical liabilities). It is worth noting in passing that ‘evasion’ is pushed into...

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