18 February 2025
Execrs of Elborne & Ors v HMRC: new decision on ‘home loan’ schemes
The Upper Tribunal has released its decision in Executors of Elborne & others v HMRC. This is the latest instalment in the long-running litigation over the efficacy of inheritance tax ‘home loan’ schemes. It is also the first decision on ‘home loan’ schemes at appellate level.
The First-tier Tribunal in Elborne (in common with a differently constituted First-tier Tribunal in Pride) had held that the scheme was ineffective by reason of s 103 of the Finance Act 1986. The Upper Tribunal allowed the taxpayers’ appeal against this conclusion and dismissed HMRC’s cross-appeal on a further five issues.
Click here to read the decision.
Charles Bradley acted for the taxpayers. Jonathan Davey KC (of Wilberforce Chambers) and Barbara Belgrano acted for HMRC.
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