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Ask…don’t just assume!

Shared from Tax Insider: Ask…don’t just assume!
By Mark McLaughlin, November 2021

Mark McLaughlin warns that structuring transactions in the ‘wrong’ way from a tax perspective proves to be an expensive mistake. 

Some taxpayers make the mistake of assuming the tax treatment of an event or transaction where a substantial amount of money is at stake, instead of seeking professional advice, or at least researching the tax implications to the best of their ability. 

It is understandable that taxpayers might sometimes respond cynically to tax professionals who recite the mantra about the need to seek expert advice, on the footing that their message is self-serving marketing. However, failure to obtain advice can be costly.  

Company acquisition 

For example, in Khan v Revenue and Customs (Rev 1) [2021] EWCA Civ 624, the shareholders of a company (CAD) approached the taxpayer (BK) to see if he would be interested in

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