Directors of a betting company should not be charged tax under an anti-avoidance law after it transferred assets to an offshore entity in Gilbraltar, the UK Supreme Court concluded Tuesday.

The court dismissed an appeal from His Majesty’s Revenue and Customs after concluding three directors of Stan James were not “transferors” of the business sold by Stan James Limited to Stan James Gibraltar Limited.

“I have concluded that the Fishers are not caught by the taxing charge on which HMRC have relied in issuing their assessments to tax,” Justice of the Supreme Court of the UK Vivien Rose said. …