Case law update: Pitt v HMRC and Futter v HMRC
On 9 May 2013, the Supreme Court published its judgment in the combined cases of Futter and another v The Commissioners for Her Majesty’s Revenue and Customs and Pitt and another v The Commissioners for Her Majesty’s Revenue and Customs (Respondent) (Pitt v HMRC and Futter v HMRC). The case is significant for trustees and advisers (and their insurers) because it confirms the limits of the Hastings-Bass rule, as set out in the judgment of Lloyd J in the Court of Appeal, which had been used for many years by trustees to set aside decisions that had brought about unplanned tax charges.
A link to our article on the Court of Appeal judgment in the July 2011 edition of Pensions Pieces is set out below. That article includes a description of the Hastings-Bass rule, as stated by Lloyd J (as he then was) in Sieff v Fox…
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