THE COMMISSIONERS FOR HIS MAJESTY鈥橲 REVENUE AND CUSTOMS v JASPER ALEXANDER THIRLBY CONRAN & JC VISION LIMITED v THE COMMISSIONERS FOR HIS MAJESTY鈥橲 REVENUE AND CUSTOMS [2023] UKUT 00166 (TCC)
Upper Tribunal Tax and Chancery decision of Judge Swami Raghavan and Judge Jennifer Dean on 12 July 2023
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INCOME AND CORPORATION TAX 鈥� valuation of transfer of licensing agreement between group LLP to group company 鈥� taxpayer company鈥檚 appeal, based on intangibles relief under Schedule 29 FA 2002 in relation to 拢8.25m valuation of transfer, dismissed 鈥� FTT鈥檚 decision upheld that value for intangibles relief purposes of assets actually transferred was 拢1 (transfer did not include trademark needed to operate licensing agreement) 鈥� FTT decided in favour of individual taxpayer that 拢8.25m received by relevant individual was paid to him in his capacity as member of the vendor LLP and so not a distribution 鈥渋n respect of shares鈥� under s209(2)(b) ICTA 1988) - HMRC鈥檚 appeal against FTT decision allowed - FTT鈥檚 decision remade: the 拢8.25m payment was a distribution