Allam v HMRC

In A Allam v HMRC [2021] UKUT 291 (TCC) (23 November 2021)  the Upper Tribunal (UT) upholding the decisions of the First-tier Tribunal (FTT) found that closure notices were validated by the retrospective application of FA 2020 s 103 which validates automated notices issued by computers. The UT found that there were no grounds for interfering with the FTT’s conclusion on the meaning of ‘substantial’ non-trading activity for entrepreneurs’ relief purposes the decision on remittance of income and gains or the decision that the taxpayer had not had a main purpose of obtaining and income tax advantage under the transaction in securities rules.

The Upper Tribunal considered three appeals involving transactions with companies which the taxpayer owned. Two of the appeals related to the sale by Dr Allam of the entire shareholding in one company  ADL to another  AML. AML was a wholly-owned subsidiary of Allamhouse which was owned by Dr Allam...