Currency fluctuation losses arising from a loan to a subsidiary overseas company were not allowable against capital gains tax. The words ‘the debt on a security’ in section 117(1)can refer to an obligation to pay or repay embodied in the Loan Note, . .
Security exchange losses on interest-bearing loan were not to be set off against capital gains as being a debt on a security even though secured. Being simply secured itself was insufficient to make a debt a debt on a security. Citations: Times 02-Dec-1998, [1998] EWCA Civ 1789 Statutes: Capital Gains Tax Act 1979 134 Jurisdiction: … Continue reading Taylor Clark International Limited v Lewis (HM Inspector of Taxes): CA 18 Nov 1998
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Our law-index is a substantial selection from our database. Cases here are restricted in number by date and lack the additional facilities formerly available within lawindexpro. Please do enjoy this free version of the lawindex. Case law does not ‘belong’ to lawyers. Judgments are made up of words which can be read and understood (if … Continue reading law index
