GF Ballard v HMRC

In GF Ballard v HMRC (TC02505 – 13 February) an employee (B) worked for a brewery company (Y) from 1979 to 2006 when he was made redundant at the age of 48. Y had operated a funded unapproved retirement benefit scheme of which B had been a member. On his redundancy B received shares from the scheme which he immediately sold. He did not seek further employment but decided to live off his savings. HMRC issued an assessment charging tax at the higher rate on the amount which B had received from the scheme. B appealed contending that the receipt and redemption of the shares was a relevant benefit within ITEPA 2003 s 393B and qualified for transitional relief under FA 2004 Sch 36. The First-tier Tribunal accepted this contention and allowed B’s appeal. Judge Powell found that...