UT-2023-000116 - [2025] UKUT 00183 (TCC)

Case Number:UT-2023-000116

Hearing venue: The Rolls Building

Fetter Lane

London

EC4A 1NL

Judgment date: 13 June 2025 2025

INCOME TAX – transactions in securities - share buyback –– shares benefitting from EIS CGT disposal relief – main purpose to obtain CGT relief – was there necessarily a main purpose to obtain an income tax advantage

Before

MR JUSTICE MEADE

JUDGE GUY BRANNAN

Between

HUGH EDWARD MARK OSMOND

MATTHEW CHARLES ALLEN

Appellants

and

THE COMMISSIONERS FOR HIS MAJESTY’S REVENUE AND CUSTOMS

Respondents

Representation:

For the Appellant: Jonathan Peacock KC and Edward Hellier instructed by James Morris

For the Respondent: Imran Afzal KC and Harry Winter, Counsel, instructed by the General Counsel and Solicitor to His Majesty’s Revenue and Customs

DECISION