J P Gilchrist (as trustee of the JP Gilchrist 1993 Settlement) v The Commissioners for HM Revenue and Customs: [2014] UKUT 0169 (TCC)

Upper Tribunal Tax and Chancery decision of Mr Justice Richards and Judge Ghosh on 11 April 2014.

Read the full decision in J P Gilchrist (Trustees of the JP Gilchrist 1993 Settlement) v The Commissioners for HM Revenue and Customs.

INHERITANCE TAX - discretionary settlement - 10-year charge – whether the proceeds of sale of scrip dividend shares to which s.249 ICTA 1988 applies are deemed to be income not only for the purposes of ICTA 1988 but also for the purposes of trust law generally and for the purposes of Inheritance Tax PRECEDENT – whether the Upper Tribunal is bound by a prior decision of the High Court Appeal of taxpayer dismissed.

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