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FTT Verdict, Trust payments construed as earnings

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An anonymised version of the First Tier Tribunal verdict was published by the Finance and Trbunals service today.  The 145 page document will take some reading but it concluded:

“the trust payments are to be construed as ‘emoluments’ for the purposes of the tax legislation”

For those without a dictionary to hand,… Emoluments: Synonyms earnings, pay, recompense.

I for one am absolutely shocked that Sir David’s confidence was misplaced on this matter.

Enjoy the game!

“having ascertained the real nature of the transaction, you cannot … disguise it by using camouflaged clothing”

Sham

‘it is wrong and an unnecessary self-limitation’ not to give regard to ‘the manifested intentions of the parties’ in the face of documents or transactions that are not ‘shams’

Orders are now open for the very first CQN Annual, get it here!

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  1. There’s a lot of conjecture that it was ole Duane Allman that did most of the intricate fancy plucking *careful how you read that to yourself* on the album Layla.

     

     

    DerekandtheDominoes CSC

  2. From the FTT(T).

     

     

    The evidence givers have coded names. Wonder who this is

     

     

    27. Next, Mr Violet gave evidence. Firstly, he confirmed the terms of his Witness Statement. He was a former Rangers manager. The Trust had been mentioned as offering benefits to him, which had been investigated by his solicitor and agent, Mr Grey (the next witness). Mr Violet explained that he had received from Rangers

     

    40 in addition to his contract of employment, a separate document in respect of “his” sub-trust. His concern was in securing a satisfactory overall financial “package”. He understood in general terms that he could access monies in the sub-trust by way of loan and that ordinarily the Trustee would be agreeable to this. He had used the loan

     

    7

  3. Repost from previous…

     

     

    tomtheleedstim,

     

     

    know anywhere in or around Bradford I can catch the game pls?

     

     

    HH!

     

     

    The spirit of…

     

     

    :)))

  4. There can be no justification in anonymising this verdict.

     

     

    When innocent people are charged with crimes and go before the courts in this country their names and addresses are given in public in the court and then if necessary published in the press.

     

     

    Why are tax-dodgers being granted anonymity?

     

     

    One for my elected representative I think.

  5. Dontbrattbakkinanger on

    Captain Scarlet…and the Mysterons!

     

     

    So what does it all mean, will they have to sell Badgerville to get the Revenue off their backs?

  6. P67

     

     

    …a win in Lisbon will be a fitting tribute after the FTT release.

     

     

    Cheats and Vagabonds

     

     

    hhplc

  7. I always though Emolument was something the doctor prescribed for skin disorders.

     

    The things you learn on CQN Volume 2

  8. Paul 67

     

     

    You beat my post on emoluments by seconds….. well 2 minutes! see previous podium :))))))))

     

    Good news travels fast…….. HH

     

     

    normanstreet49

     

    15:46 on

     

    20 November, 2012

     

    Valley Exile, TomtheleedsTim,

     

     

    I dont have time to sift thru yon 145 pages, too much footie today….

     

    I just peaked a sneak at the page 145 and noticed an old word for my wages!

     

    Emoluments………… hope i havent spoiled yer bedtime reading!!!!

     

    See cut and paste below……..

     

     

    “These are the two chief tenets derived from the case law I have relied on, and they

     

    have guided me in my reasoning to arrive at the end result that the trust payments are

     

    to be construed as ‘emoluments’ for the purposes of the tax legislation.”

  9. For fans of…..

     

    You’ve guessed it, Peter Gabriel is making his way north to play THE HYDRO on 24 Oct 2013.The Hydro’s opening season is shaping up to be the highlight of 2013 and don’t forget, we’ve still got the amazing opening act up our sleeve so stay tuned (and check out our Facebook page too)!For a limited time only, our sponsor Scottish Hydro is offering all those registered onthehydro.com website an online pre-sale opportunity. For Peter Gabriel, the pre-sale starts at 9am on Wed 21 Nov and will run for 48 hours before the public sale starts at 9am on Fri 23 Nov 2012.To book your pre-sale tickets click on the link below from 9am Wed 21 Nov. Access to disabled pre-sale tickets is via phoneline on0844 481 8801.

  10. Definitely another WOW moment!

     

     

    Compelled me to post twice in the same day.

     

     

    A result tonight and I think I might explode with joy.

  11. Hallelujah!

     

    The Promised Day has come.

     

    And isn’t it just the sweetest cherry on top of the cake that Celtic are in Lisbon on Big Cup duty at the very moment that this nail is hammered into the coffin of Rangers ?

     

     

    Congratulations, Paul, on your own stupendous contribution towards ensuring that this day of justice finally arrived. No praise is too high.

  12. Paul,

     

     

    I also, too, as well, am shocked also, too re Mister Sir David Murray.

     

     

    I’m wondering though if maybe he was duped? Is duped the right word for it?

     

     

    But I remain shocked also. Too. As well.

     

     

    U

  13. “This document contains full findings of fact and reasons for the decision. Any

     

    party dissatisfied with this decision has a right to apply for permission to appeal

     

    15 against it pursuant to Rule 39 of the Tribunal Procedure (First-tier Tribunal) (Tax

     

    Chamber) Rules 2009. The application must be received by this Tribunal not later

     

    than 56 days after this decision is sent to that party.”

     

    +++++++++++++++++++++++++++++++++++++++++

     

     

    So document issued 29th October + 56 days = 23rd December

     

     

    The Mayan Calendar says the world will end on 21st December 2012 …..

     

     

    to any Zombies out there …. its only ending for you

     

     

    The Onlooker

     

     

    ps Podium Gold

  14. Now off out to watch Barca, and then those wonder bhoys in green…………..

     

    Somehow feel better after a sh*t day at work…….. earning my emoluments!!!!

     

    That I pay all my tax on…….

     

    HH

  15. 5Live just reported that rangers have won their case and that HMRC accept that these were loans. Seems at odds with Paul’s article.

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