Clive Bowring, Juliet Bowring (A vulnerable adult, acting through Clive Bowring) v The Commissioners for HM Revenue and Customs: [2015] UKUT 0550 (TCC)
Upper Tribunal Tax and Chancery decision of Mr Justice Barling on 12 October 2015.
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Transfer of trust assets by trustee of non-resident settlement to trustees of new UK-resident settlement 鈥� asset transfer linked with trustee borrowing - capital distributions subsequently made by latter settlement to beneficiaries who are also beneficiaries of first settlement 鈥� common ground that the realised trust gains of the first settlement were not transferred to the new settlement pursuant to section 90 Taxation of Chargeable Gains Act 1992 (鈥淭CGA鈥�) as a result of the effect of subsection 90(5)(a) TCGA - 鈥淔lip Flop Mark II鈥� scheme 鈥� whether the capital payments could be treated as 鈥渞eceived from鈥� both the trustee of the earlier settlement indirectly and the trustees of the new settlement within the meaning and for the purposes of subsections 87(4) and 97(5)(a) TCGA 鈥� no 鈥� the FTT erred in law in so holding 鈥� whether, on the undisputed findings of fact of the FTT, the capital payments were 鈥渞eceived from鈥� the trustee of the first settlement indirectly 鈥� no - appeal allowed and decision of the FTT set aside.