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UBS AG v HMRC

In UBS AG v HMRC (TC00648 – 1 October) a bank entered into arrangements for certain bonuses intended to be payable to identified individual employees to be paid into a scheme and used to purchase interests in shares in a company resident outside the UK. HMRC issued determinations under PAYE Regulations reg 80 on the basis that the sums in question were ‘earnings received by employees’. The bank appealed contending inter alia that the shares received by the employees were ‘restricted securities’ within ITEPA 2003 s 423.

The First-Tier Tribunal reviewed the evidence in detail rejected this contention and dismissed the appeal holding that the conditions of s 423(2)(c) were not met so that ‘the scheme did not create securities that were restricted securities within the definition in section 423’. The tribunal also held that ‘assessing the scheme by reference to...

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