In B D’Angelin v HMRC [2025] UKUT 212 (TCC) (30 June) the Upper Tribunal (UT) dismissed the taxpayer’s appeal against the withdrawal of business investment relief holding that he had breached the extraction of value rule in ITA 2007 s 809VH.
The taxpayer was resident but not domiciled in the UK and was a remittance basis user. In 2016 he remitted £1.5m of his foreign income to the UK and invested in a UK company in which he was the sole shareholder and director. The company traded as advisers to global clients and family holdings. He claimed business investment relief under ITA 2007 s 809VA in respect of the investment with the effect that the £1.5m was treated as not having been remitted to the UK (and so not taxable). In 2017/18 the taxpayer made use of the...
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In B D’Angelin v HMRC [2025] UKUT 212 (TCC) (30 June) the Upper Tribunal (UT) dismissed the taxpayer’s appeal against the withdrawal of business investment relief holding that he had breached the extraction of value rule in ITA 2007 s 809VH.
The taxpayer was resident but not domiciled in the UK and was a remittance basis user. In 2016 he remitted £1.5m of his foreign income to the UK and invested in a UK company in which he was the sole shareholder and director. The company traded as advisers to global clients and family holdings. He claimed business investment relief under ITA 2007 s 809VA in respect of the investment with the effect that the £1.5m was treated as not having been remitted to the UK (and so not taxable). In 2017/18 the taxpayer made use of the...
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