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25 June 2013

FTT Decision: Bowring v HMRC

CAPITAL GAINS TAX – whether distributions to beneficiaries from new resident trust to be matched to gains in original offshore trust – HMRC accepted that flip-flop mark II scheme effective so gains not arising in new trust – whether 97 (5) TCGA 1992 applied so that the distributions to beneficiaries from the new trust nevertheless “from…indirectly” the original trust – yes as on facts new trust was essentially and viewed realistically a continuation of the original trust – assessment upheld

Kevin Prosser QC, instructed by Berwin Leighton Paisner, acted for the Appellant.

Richard Vallat, instructed by HMRC, for the Respondents.

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