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United Kingdom Upper Tribunal (Tax and Chancery Chamber)
You are here: BAILII >> Databases >> United Kingdom Upper Tribunal (Tax and Chancery Chamber) >> Bowring v Revenue & Customs [2015] UKUT 550 (TCC) (12 October 2015)
URL: http://www.bailii.org/uk/cases/UKUT/TCC/2015/550.html
Cite as: [2015] STI 3032, [2015] UKUT 550 (TCC), [2015] BTC 530, [2016] WTLR 79, [2016] STC 816

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Bowring v Revenue & Customs [2015] UKUT 550 (TCC) (12 October 2015)


Transfer of trust assets by trustee of non-resident settlement to trustees of new UK-resident settlement – asset transfer linked with trustee borrowing - capital distributions subsequently made by latter settlement to beneficiaries who are also beneficiaries of first settlement – common ground that the realised trust gains of the first settlement were not transferred to the new settlement pursuant to section 90 Taxation of Chargeable Gains Act 1992 (“TCGA”) as a result of the effect of subsection 90(5)(a) TCGA - “Flip Flop Mark II” scheme – whether the capital payments could be treated as “received from” both the trustee of the earlier settlement indirectly and the trustees of the new settlement within the meaning and for the purposes of subsections 87(4) and 97(5)(a) TCGA – no – the FTT ( [2013] UKFTT 366 (TC) ) erred in law in so holding – whether, on the undisputed findings of fact of the FTT, the capital payments were “received from” the trustee of the first settlement indirectly – no - appeal allowed and decision of the FTT set aside.

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URL: http://www.bailii.org/uk/cases/UKUT/TCC/2015/550.html