Adams v Revenue and Customs: FTTTx 30 Apr 2009

FTTTx CAPITAL GAINS TAX – Disposal of shares – Majority shareholder in unquoted company – Consideration included earn-out rights – Whether valid election under TCGA 1992 s.138A – Return with computation on basis that election although no election in terms – No other possible explanation for computation – Held valid election – Appeal allowed
Neglect – No negligent conduct by agent in return – In any event TMA s.36(3) would have covered late election at appeal

Citations:

[2009] UKFTT 80 (TC)

Links:

Bailii

Jurisdiction:

England and Wales

Capital Gains Tax

Updated: 30 July 2022; Ref: scu.373593