This episode is Part 2 of a two-part special, offering an in-depth look into the 'Osmond and Allen' case and exploring the complexities of Transactions in Securities.

Nick Wright, Host of The Tax Hour Podcast & Head of Corporate Tax at Jerroms Miller Specialist Tax, welcomes Ray McCann, Consultant, past president of CIOT & and previous assistant director of HMRC, along with Pete Miller, Technical Director at Jerroms Miller Specialist Tax. With a combined 90 years of experience, they provide unparalleled insights into the Transactions in Securities legislation.

In this episode, we examine the First-tier Tribunal's significant decision in Osmond & Allen v HMRC [2024] UKFTT 378 (TC), a case that highlights the rigorous application of the Transactions in Securities (TiS) anti-avoidance rules. The discussion focuses on the taxpayers’ investment in Xercise Ltd through the Enterprise Investment Scheme (EIS) and the subsequent share buybacks that prompted HMRC’s intervention.

We analyse the Tribunal’s interpretation of the “main purpose” test, its conclusion that the transactions were primarily motivated by a desire to obtain a tax advantage, and the resulting validation of HMRC’s counteraction notices. The episode also addresses the contested limitation period for HMRC assessments and the Tribunal’s view on the six-year window under section 698(5) of the Income Tax Act 2007. Finally, we consider the broader implications for tax planning and the practical lessons this case offers to investors, advisers, and tax professionals.

We hope you can join us for this informative session.

If you have any questions or need further information, please get in touch. At Jerroms Miller Specialist Tax we offer a wide range of specialist tax advice for all business tax scenarios.

A special two-part episode, offering an in-depth look into the 'Osmond and Allen' case and exploring the complexities of Transactions in Securities.

Nick Wright, Host of The Tax Hour Podcast & Director at Jerroms Miller Specialist Tax, welcomes Ray McCann, Consultant, past president of CIOT & and previous assistant director of HMRC, along with Pete Miller, Head of Corporate Tax at Jerroms Miller Specialist Tax. With a combined 90 years of experience, they provide unparalleled insights into the Transactions in Securities legislation.

In the first episode, they explore the evolution of Transactions in Securities legislation, examining modern interpretations and some of the most seminal tax cases of recent decades. They also examine the role of tribunals in ensuring transparency and compliance.

If you have any questions or need further information, please get in touch. We offer a wide range of specialist tax advice for all business tax scenarios.

In this insightful episode, Jerroms Miller Specialist Tax Director and our host, Nick Wright is joined by Michael Sherry, a leading expert from Temple Tax Chambers. They dive deep into the complex world of employment-related securities. Unpacking key tax implications, recent developments, and practical advice for both employers and employees navigating these unique financial instruments.

Michael provides invaluable guidance on structuring and managing employment-related securities, from tax planning to compliance, and offers a clear understanding of how these securities impact both personal and corporate financial strategies.

Tune in to gain expert insights into this often-overlooked area of employment law and tax.

If you have any questions or need further information, please get in touch. At Jerroms Miller Specialist Tax we offer a wide range of specialist tax advice for all business tax scenarios.