Amanda Hardy KC and Oliver Marre in Tax Tribunal OIGs test case

The First-tier Tax Tribunal hearing of the case of Louwman v HMRC concluded on Thursday 6 February 2025.  Judgment is reserved.

The case is the first appeal against the imposition of tax under the 2017 protected settlements regime on offshore income gains and accrued income profits.

HMRC issued assessments on the settlor in respect of three tax years on OIGs and AIPs accruing in trust structures under the transfer of assets abroad provisions (section 720 Income Tax Act 2007 ff) despite agreeing that the trusts in question were protected settlements, and untainted, for Finance (No 2) Act 2017 purposes.

Amanda Hardy KC and Oliver Marre represented the appellant taxpayer instructed by Evelyn Partners.