As there is apparently litigation afoot in relation to French Usufruits and s.43(2) ITA 1984, I have prepared a shout commentary on the recent unanimous decision of the Court of appeal in Barclay’s Wealth in which the scope of s.43(2) can be said to have been restricted to trust and not to outcomes.
HMRC have had to settle mine, so if this helps those involved in defending the usufructuary dismemberment before the FTTT, please feel free to contact me. It is not polite, as the issue boils down to reading and using technical English correctly.
http://overseaschambers.com/media/52980/memorandum%20on%20usufruits%2025%2011%2020.pdf
Peter. Harris