UT (Tax & Chancery) UT-2022-0000150 - [2024] UKUT 00254 (TCC)

We have already found as a fact that Mr Kalaris knew that the ASA had another purpose, namely to fill the value gap, and it is plain that Mr Kalaris failed to refer to that purpose.

We reject Mr Winter’s submission that Mr Kalaris’s answer to Q2 should be read in the light of Mr Beauchamp’s subsequent questions. Those followed Mr Kalaris’s answer to Q2, and picked up on Mr Kalaris’s focus on the value the Qataris would provide in exchange for the ASA. Q2 was a straightforward open question, to which Mr Kalaris gave an incomplete reply, despite knowing the full picture.

We therefore agree with the Authority that Mr Kalaris’s answer was incomplete and a half-truth; it therefore lacked candour.