TaxPersonal TaxFormer racing driver beats the taxman

Former racing driver beats the taxman

Former racing driver Johnny Dumfries can add a proverbial winner’s medal to his trophy cabinet, after defeating the taxman at the special commissioners’ hearing

Ex-Formula One star Dumfries, the seventh Marquess of Bute, fought HM Revenue
& Customs over payment of tax over granting mining rights.

The taxman argued that he should pay full income tax on conferring rights to
mine and explore. However Julian Ghosh QC, representing Dumfries, argued that
his client was due mineral royalties, and as such should only pay income tax on
half his receipts and capital gains on the other, effectively lowering his tax
bill.

Special commissioner Colin Bishopp found that in this situation receipts were
mineral royalties, siding with Ghosh and Dumfries.

To
view the case click here

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