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2025 UKFTT 538TC

June 11, 2025
Directors’ windfall from cancelled shares was caught by transactions in securities legislation

The First-tax Tier Tribunal (FTT) has rejected three business owners’ claims that GBP10 million they received from cancelled shares in their company was exempted from tax under the transactions in securities legislation. The FTT accepted HMRC’s contention that the legislation contained an error and the words ‘despite the fact’ meant ‘where’, not ‘even where’. This...

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Leeds: 94 Street Lane, Leeds

Batley: 504B Bradford Road, WF17 5JY

Bradford: 22 Muirhead Drive, Bradford, BD4 0HJ

Birmingham: 9 Sheaf Lane, Coventry Road, Birmingham

London: 180 King's Cross Rd, London, WC1X 9DE
OUR LOCATIONSWhere to find us
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GET IN TOUCHCare Accountancy Social Links

 

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