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11 April 2014

UT Decision: Gilchrist v HMRC

INHERITANCE TAX – discretionary settlement – 10-year charge – whether the proceeds of sale of scrip dividend shares to which s.249 ICTA 1988 applies are deemed to be income not only for the purposes of ICTA 1988 but also for the purposes of trust law generally and for the purposes of Inheritance Tax

PRECEDENT – whether the Upper Tribunal is bound by a prior decision of the High Court

Appeal of taxpayer dismissed

Giles Goodfellow QC, instructed by DWF LLP, acted for the Appellant.

David Yates acted for HMRC.

Please click here for the full decision.

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