Robert Waterson and Adam Craggs (RPC) examine Sir Fraser Morrison and remaining questions over whether an out-of-court settlement payment may be deducted under TCGA 1992 s 49.
The facts in Sir Fraser Morrison v HMRC [2014] 113 XA145/13 are as follows. Sir Fraser Morrison (the taxpayer) had been a major shareholder in and chairman and chief executive of the construction company Morrison Plc (Morrison). In June 2000 Anglian Water Plc (Anglian) entered into discussions to acquire Morrison. Various documents including a strategic plan featuring profit forecasts were provided to Anglian. The sending of these documents was authorised by the taxpayer acting in his capacity as chairman and chief executive of Morrison. Following negotiations Morrison accepted Anglian’s offer to acquire the company. As part of the acquisition the taxpayer...
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