Tax avoidance – success at least for now
The Upper Tier tribunal held that “bonuses” paid by UBS into an offshore tax avoidance scheme were not chargeable to income tax, overturning an earlier court ruling.
HMRC has expressed disappointment that the court did not fully support its arguments and is considering whether or not to appeal against the decision.
HMRC has a strong record of success in litigating against tax avoidance. This decision is one of a (welcome) minority.
It is reassuring that, even in today’s climate, the courts are taking a proper review of legislation.
Date: 5th November, 2012
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