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:

    “Compared to football, baseball is almost an Oriental game, minimizing individual stardom, requiring a wide range of aggressive and defensive skills, and filled with long periods of inaction and irresolution. It has no time limitations. Football, on the other hand, has immediate goals, resolution on every single play, and a lot of violence—itself a highlight. It has clearly distinguishable hierarchies: heroes and drones.”
    —Jerry Mander, U.S. advertising executive, author. Four Arguments for the Elimination of Television, ch. 15, Morrow (1978)

    “Argument is conclusive ... but ... it does not remove doubt, so that the mind may rest in the sure knowledge of the truth, unless it finds it by the method of experiment.... For if any man who never saw fire proved by satisfactory arguments that fire burns ... his hearer’s mind would never be satisfied, nor would he avoid the fire until he put his hand in it ... that he might learn by experiment what argument taught.”
    —Roger Bacon (c. 1214–1294)

    “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)