Landmark Supreme Court ruling on 'round the world tax scheme' puts HMRC on notice

The UK's Supreme Court on 2 July rejected HMRC's approach to issuing follower notices over tax avoidance schemes in the case of R (on the application of Haworth) v HMRC. Haworth had implemented a "round-the-world-scheme" designed to avoid a charge to capital gains tax to the tune of nearly £9m on the sale of the shares in his company. A trust held the shares and the scheme involved appointing trustees in Mauritius who sold the shares and then appointed UK resident trustees in the same tax year. Marilyn McKeever, partner at law firm BDB Pitmans, said: "The major issue in Haworth was...