BusinessPeople In BusinessLandmark tax loophole case brings win for taxpayer

Landmark tax loophole case brings win for taxpayer

HMRC loses £6m offshore case just a day after avoidance Budget announced

HM Revenue and Customs has lost a court case centred on a £6m dispute of an
offshore tax loophole.

Trevor Smallwood, founder of First Group, won his case against HMRC just a
day after the department announced it would be committing £1bn of its £4bn
Budget to anti-avoidance and compliance measures, according to The Daily
Telegraph

Justice Mann said Smallwood acted legally by using a Mauritius-based trust to
avoid capital gains tax on the sale of £6m of shares in First Group and miner
BHP Billiton.

Further Reading:

US
urged to abandon UBS tax case

Approach
to avoidance shows ‘radical Budget’

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