Furniss V Dawson - Arguments

Arguments

The Dawsons argued:

  1. that the CGT rule mentioned above worked in their favour and they could not be taxed until such time (if ever) as they sold their shares in Greenjacket Investments Ltd.; and
  2. that the Ramsay Principle did not apply, since what they had done had "real" enduring consequences.

The tax authorities argued:

  1. that Greenjacket Investments Ltd. only existed as a vehicle to create a tax saving;
  2. that the effect of the transaction as a whole was that the Dawsons had sold the operating companies to Wood Bastow Holdings Ltd.;
  3. that because the intervening stages of the transaction had only been inserted to generate a tax saving, they were to be ignored under the Ramsay Principle, and instead the effect of the transaction should be taxed; and
  4. that the transaction being "real" (which is to say, not a sham) was not enough to save it from falling within the Ramsay Principle.

The Court of Appeal had given a judgement agreeing with the Dawsons on these points.

Read more about this topic:  Furniss V Dawson

Famous quotes containing the word arguments:

    “There is no assurance of the great fact in question [namely, immortality]. All the arguments are mere probabilities, analogies, fancies, whims. We believe, or disbelieve, or are in doubt according to our own make-up—to accidents, to education, to environment. For myself, I do not reach either faith or belief ... that I—the conscious person talking to you—will meet you in the world beyond—you being yourself a conscious person—the same person now reading what I say.”
    —Rutherford Birchard Hayes (1822–1893)

    “‘Tis happy, therefore, that nature breaks the force of all sceptical arguments in time, and keeps them from having any considerable influence on the understanding. Were we to trust entirely to their self-destruction, that can never take place, ‘till they have first subverted all conviction, and have totally destroy’d human reason.”
    —David Hume (1711–1776)

    “When I am convinced of any principle, it is only an idea which strikes more strongly upon me. When I give the preference to one set of arguments above another, I do nothing but decide from my feeling concerning the superiority of their influence.”
    —David Hume (1711–1776)