The Commissioners for His Majesty’s Revenue and Customs (Appellant) v Hugh and Another (Respondents)
Thursday 22 October 2026
The Appellant appeals the decision of Mr Justice Meade and Judge Guy Brannan sitting as a Judges of the Upper Tribunal (Tax Chamber), judgment being delivered on 13 June 2025.
The case concerned whether two investors’ share buybacks were designed to obtain an income tax advantage or simply to secure existing EIS capital gains tax relief before any possible law change. The Upper Tribunal found that their main purpose was to preserve and realise CGT relief, not to avoid income tax, and therefore HMRC’s Transactions in Securities anti-avoidance rules did not apply.