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

Related Articles

Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

Personal Tax Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

3w Alia Shoaib, Reporter
Rent-a-room relief – the survey says…

Personal Tax Rent-a-room relief – the survey says…

2m Helen Thornley, ATT Technical Officer
What should the OTS prioritise in its review of inheritance tax?

Personal Tax What should the OTS prioritise in its review of inheritance tax?

4m Alia Shoaib, Reporter
LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

5m Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

6m Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

7m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

8m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

9m Alia Shoaib, Reporter