In Peter Stratton v HMRC (TC02967 – 29 October 2013) Mr Stratton had acquired shares in his employer company and subsequently disposed of them on the sale of the company to a consortium. At the time of the sale he had been advised by the management of the company that the sale would trigger income tax and PAYE and NIC had duly been deducted. However following the advice of his accountant Mr Stratton had recorded the sale in his tax return declaring the corresponding income but claiming a deduction for the same amount so as to reduce the chargeable PAYE to nil. He had also declared a capital gain on the sale of the shares.
Under ITEPA 2003 ss 422–424 if the shares had been acquired by reason of Mr Stratton’s employment and on terms that made his interest ‘only conditional’ profits...
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