The Commissioners for HM Revenue and Customs v Michael and Elizabeth McQuillan: [2017] UKUT 0344 (TCC)

Upper Tribunal Tax and Chancery decision of Mrs Justice Rose and Judge Berner on 6 September 2017.

• From: HM Courts & Tribunals Service and Upper Tribunal (Tax and Chancery Chamber)
• Published: 6 September 2017

• Category: Tax
• Release date: 6 September 2017

Read the full decision in The Commissioners for HM Revenue and Customs v Michael and Elizabeth McQuillan: [2017] UKUT 0344 (TCC) .

CAPITAL GAINS TAX – entrepreneurs’ relief – TCGA, Part V, Chapter 3 – meaning of “personal company” – TCGA, s 169S(3) - application of definition of “ordinary share capital” – ITA, s 989 – whether redeemable shares with no right to a dividend were shares with a right to a dividend at a fixed rate (of 0%) and thus not “ordinary share capital” – no – HMRC’s appeal allowed.

Published 6 September 2017