Grays Timber Products Ltd v Revenue and Customs Commissioners – WLR Daily

Grays Timber Products Ltd v Revenue and Customs Commissioners [2010] UKSC 4; [ 2010] WLR (D) 21

“In assessing whether employment-related securities had been disposed of for a consideration which exceeded their ‘market value’, so as to occasion a charge to income tax, it was necessary to postulate a notional sale between a hypothetical vendor and purchaser, with the personal characteristics of the actual vendor, such as his right under a subscription agreement to a disproportionately large part of the consideration paid, being ignored.”

WLR Daily, 3rd February 2010

Source: www.lawreports.co.uk

Please note once a case has been reported in one of the ICLR series the corresponding WLR Daily summary is removed.

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