Article by Keith M Gordon, barrister, chartered accountant and tax adviser. This article appeared in the December 2006 issue of Tax Adviser. The author discusses a recent decision by a Special Commissioner in Optos plc v HMRC.
Most tax advisers are aware of the various tax breaks that exist to promote venture capital. While many of them might not know the rules inside out, most will be aware that the tax breaks are subject to a mass of anti-avoidance rules designed to prevent any possible abuse of the provisions. It was some of these anti-avoidance rules that gave rise to the appeal by Optos plc.
December 2006 by
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