THE COMMISSIONERS FOR HIS MAJESTY’S REVENUE AND CUSTOMS v JASPER ALEXANDER THIRLBY CONRAN & JC VISION LIMITED v THE COMMISSIONERS FOR HIS MAJESTY’S REVENUE AND CUSTOMS [2023] UKUT 00166 (TCC)
| Jurisdiction | UK Non-devolved |
| Judge | Judge Swami Raghavan,Judge Jennifer Dean |
| Subject Matter | 12 July 2023 |
| Court | Upper Tribunal (Tax and Chancery Chamber) |
| Published date | 13 July 2023 |
Neutral Citation: [2023] UKUT 00166 (TCC) Case Number: UT/2022/000040
UT/2022/000042
UPPER TRIBUNAL
(Tax and Chancery Chamber) Rolls Building, London
INCOME AND CORPORATION TAX – valuation of transfer of licensing agreement between
group LLP to group company – taxpayer company’s appeal, based on intangibles relief under
Schedule 29 FA 2002 in relation to £8.25m valuation of transfer, dismissed – FTT’s decision
upheld that value for intangibles relief purposes of assets actually transferred was £1 (transfer
did not include trademark needed to operate licensing agreement) – FTT decided in favour of
individual taxpayer that £8.25m received by relevant individual was paid to him in his capacity
as member of the vendor LLP and so not a distribution “in respect of shares” under s209(2)(b)
ICTA 1988) - HMRC’s appeal against FTT decision allowed - FTT’s decision remade: the
£8.25m payment was a distribution
Heard on: 14 and 15 February 2023
Judgment date: 12 July 2023
Before
JUDGE SWAMI RAGHAVAN
JUDGE JENNIFER DEAN
Between
THE COMMISSIONERS FOR HIS MAJESTY’S REVENUE AND CUSTOMS
Appellants
and
JASPER ALEXANDER THIRLBY CONRAN Respondent
JC VISION LIMITED Appellant
and
THE COMMISSIONERS FOR HIS MAJESTY’S REVENUE AND CUSTOMS
Respondents
Representation:
For the Appellants/
Respondent: Elizabeth Wilson KC and Sadiya Choudhury, Counsel, instructed by
the General Counsel and Solicitor to His Majesty’s Revenue and
Customs
For the Respondent
/Appellant: Alun James, Counsel, instructed by BHG Chartered Accountants
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