11 April 2014
UT Decision: Gilchrist v HMRC
INHERITANCE TAX – discretionary settlement – 10-year charge – whether the proceeds of sale of scrip dividend shares to which s.249 ICTA 1988 applies are deemed to be income not only for the purposes of ICTA 1988 but also for the purposes of trust law generally and for the purposes of Inheritance Tax
PRECEDENT – whether the Upper Tribunal is bound by a prior decision of the High Court
Appeal of taxpayer dismissed
Giles Goodfellow QC, instructed by DWF LLP, acted for the Appellant.
David Yates acted for HMRC.
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