Capital Gains Tax - 1993

Law relating to Capital Gains Tax. See also Income Tax

These cases are extracted from a very large database. The entries on that database are now being published individually to the main website in a much improved form. As cases are published here, the entry here will be replaced by a link to the same case in that improved form on In addition the site includes very substantial numbers of cases after 2000. Please take the time to look.  

This page lists 7 cases, and was prepared on 18 May 2014. These case are being transferred one by one to the main site which presents them better, with links to full text where we have it, and much improved cross referencing.
Capcount Trading -v- Evans
24 Feb 1993
Capital Gains Tax
The valuation of transactions in shares bought and sold is to be in Sterling.
Marshall (Inspector of Taxes) -v- Kerr [1993] STC 360; (1993) 67 TC 56
7 Apr 1993
Peter Gibson LJ, Lord Browne-Wilkinson
Capital Gains Tax
1 Cites
1 Citers
A variation of trusts in Jersey will be deemed to have been made by the deceased - no Capital Gains Tax arising. Interpretation of deeming Provisions. The taxpayer was not a settlor in an overseas trust. Deeming provisions should not generally be read to produce an unjust or absurd result. Peter Gibson LJ said: "I take the correct approach in construing a deeming provision to be to give the words used their ordinary and natural meaning, consistent so far as possible with the policy of the Act and the purposes of the provisions so far as such policy and purposes can be ascertained; but if such construction would lead to injustice or absurdity, the application of the statutory fiction should be limited to the extent needed to avoid such injustice or absurdity, unless such application would clearly be within the purposes of the fiction. I further bear in mind that, because one must treat as real that which is only deemed to be so, one must treat as real the consequences and incidents inevitably flowing from or accompanying that deemed state of affairs, unless prohibited from doing so."
Finance Act 1965 24(7) 24(11) - Taxation of Chargeable Gains Act 1992 62(4) 62(6)
Smith (Inspector of Taxes) -v- Schofield; HL 26-Apr-1993
Pepper (Inspector of Taxes) -v- Daffurn; ChD 24-Jun-1993
NAP Holdings UK Ltd -v- Whittles (Inspector of Taxes)
15 Jul 1993
Capital Gains Tax
The consideration deemed to have been given on the acquisition of shares of parent company is to be at market value not at the base price. The Acts provisions for intra group transfer of assets do not apply to oust Capital Gains rules.
Income and Corporation Taxes Act 1970 273(1)
De Rothschild -v- Lawrenson (Inspector of Taxes)
7 Dec 1993
Capital Gains Tax Casemap

A UK resident settlor was liable for tax on gains in a non-resident trust.
Finance Act 1981 80
Campbell Connelly & Co Ltd -v- Barnett (Inspector of Taxes)
9 Dec 1993
Capital Gains Tax
Roll-over relief may be lost if a purchase is without vacant possession.
Taxation of Chargeable Gains Act 1992 152