Ex-Couple Owe Tax On $7.4M In Hidden Income, UK Court Finds

Law360 (May 6, 2020, 8:55 PM EDT) -- A divorced British couple who received £6 million ($7.4 million) from their education business will have to pay tax on the amount after England's High Court ruled it was a form of income hidden through a tax-shelter scheme.

Susan Stoneman and ex-husband Matthew Ralph tried to characterize the money they received from their small business, Chalcot Training Ltd., as a distribution to buy shares in the company, not subject to corporate, income or health insurance taxes, Deputy Judge of the Chancery Division Michael Green said in his ruling Tuesday. But the couple failed to prove their case, he said.

"The old...

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