LCRO 175/2018 QA v SZ (1 May 2020) [pdf, 117 KB]
...interest in the property and Mr EA’s interest was clarified (the transaction). [6] Sometime later, when accounts were being prepared, the question of tax on the transaction came up. The accountant preparing accounts on instructions from Mr QA requested advice from a specialist tax accountant. The advice that came back was that the timing of the transaction, so soon after the trust had first purchase the property, gave rise to a tax liability for the trust, and valuations shoul...