Market leading insight for tax experts
View online issue

Henderson Investment Funds v HMRC

In Henderson Investment Funds v HMRC [2017] UKUT 225 the UT upheld the FTT’s finding that FA 1999 Sch 19 para 7 is a ‘hard edged’ provision.

The issue was the amount of stamp duty reserve tax (SDRT) payable in respect of a redemption in specie by a unit holder in a unit trust scheme managed by Henderson.

The unit holder’s interest in the scheme represented 27.41% of the scheme’s property but the securities received on redemption represented an interest of 28.68% of the scheme’s property. The unit holder had therefore received an over allocation of securities on redemption. The question before the FTT was whether FA 1999 Sch 19 para 7 (which applied at the time) should be construed to allow relief on the redemption in specie of units in a unit trust scheme if and only if the unit holder receives a proportionate share of all the...

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:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this article in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
EDITOR'S PICKstar
Top