The Court of Appeal has handed down judgment in Executors of Elborne & others v HMRC, which concerned the efficacy of an inheritance tax ‘home loan’ scheme.
The Court dismissed HMRC’s appeal against the decision of the Upper Tribunal, holding that the scheme was not rendered ineffective by any of the ‘gifts with reservation’ provisions; s 103 of the Finance Act 1986; or the application of the ‘Ramsay’ principle.
Jonathan Davey KC (of Wilberforce Chambers) and Barbara Belgrano acted for HMRC. Charles Bradley acted for the taxpayers.
You can read a copy of the judgment here.
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