PwC Legal’s Peter Johnson has analysed the Upper Tribunal’s decision in Alexander Beard v HMRC [2024], in an article for TaxAdviser magazine published on 21 June.
In this case the UT considered whether payments made by an overseas company out of its share premium account constituted ‘dividends not of a capital nature’ for UK tax purposes and were therefore chargeable to income tax in the UK. The UT dismissed the taxpayer’s appeal, broadly affirming the earlier decision of the FTT and the principles established by the UT in the First Nationwide case.