Jonathan Rothwell and Dominic Lawrance (Charles Russell Speechlys) consider an Upper Tribunal decision that highlights significant issues in the application and potential pitfalls of business investment relief.
The recent decision of the Upper Tribunal in d’Angelin v HMRC [2025] UKUT 212 (TCC) highlights significant issues surrounding the application and potential pitfalls of business investment relief (BIR). By way of reminder BIR was introduced in 2012 to address a long-standing criticism of the remittance basis of taxation which is that it disincentivises investment into the UK. Broadly BIR allows remittance basis users to use their foreign income or gains to make investments in UK trading companies whose shares are not listed without that resulting in a taxable remittance.
Facts
The facts of this case can be summarised as follows.
In December 2016 Mr d’Angelin invested £1.5m of his foreign income into a UK incorporated trading company of which...
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Jonathan Rothwell and Dominic Lawrance (Charles Russell Speechlys) consider an Upper Tribunal decision that highlights significant issues in the application and potential pitfalls of business investment relief.
The recent decision of the Upper Tribunal in d’Angelin v HMRC [2025] UKUT 212 (TCC) highlights significant issues surrounding the application and potential pitfalls of business investment relief (BIR). By way of reminder BIR was introduced in 2012 to address a long-standing criticism of the remittance basis of taxation which is that it disincentivises investment into the UK. Broadly BIR allows remittance basis users to use their foreign income or gains to make investments in UK trading companies whose shares are not listed without that resulting in a taxable remittance.
Facts
The facts of this case can be summarised as follows.
In December 2016 Mr d’Angelin invested £1.5m of his foreign income into a UK incorporated trading company of which...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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