James Lloyd Successful in Taxation Disciplinary Board Appeal

James Lloyd appeared for the appellant member before the Taxation Disciplinary Board Appeal Tribunal.

At first instance, the Disciplinary Tribunal had found proved allegations that shares had been transferred into the appellant’s name without agreement, and that the conduct in question had been dishonest and lacking in integrity. On appeal, James successfully argued that the findings concerning the alleged share transfer could not safely stand. The appeal turned in part on the legal requirements for an effective transfer of shares, the incompatibility of the first instance decision with the provisions of the Stock Transfer Act 1963 and the Companies Act 2006, and on the proper characterisation of the conduct alleged in the disciplinary charges.

The Appeal Tribunal overturned the findings relating to the alleged share transfer and the associated findings of dishonesty and lack of integrity.

The appeal raised important issues concerning the interaction between company law and regulatory proceedings, the lawful framing of disciplinary allegations and dangers of pleading breaches overlapping with other statutory regimes, and the care required when tribunals determine serious allegations of dishonesty.

James was instructed by Lui Asquith of Russell-Cooke Solicitors.