Gaines Cooper - a Long and Winding Road comes to an end
Accountancy Age is reporting on Twitter that Mr Gaines Cooper has lost in the Supreme Court. The saga which has continued for a very long time now has come to an end with the Court finding that the rules as expressed in IR20 were followed correctly. The judgement was not unanimous and the dissenting judge argued that the necessity for a clean break should have been clearly expressed.
We hope that the proposed statutory residence test will leave this case as historical interest only but if there are no transitional rules in the draft legislation (expected 6 December) then Gaines Cooper may still have an impact for 2011/12 and prior years.
Lisa Spearman is a tax adviser and a partner at Mercer & Hole. The views given in this blog are personal to the author.
Email Lisa Spearman
Date: 19th October, 2011
Articles from this Author
15th December, 2016
The good news part 1: Capital Gains Tax (CGT) rebasing
26th November, 2015
Non Dom update - Autumn Statement
8th July, 2015
Doomed doms? The impact of changes for non doms
7th May, 2015
Holiday Homes in Europe
Contact a Private Client Partner
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole