Landmark tax loophole case brings win for taxpayer

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

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:

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to avoidance shows ‘radical Budget’

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