The cost of the purchase of a release of covenant is deductible from the capital gain realised on the later sale. Citations: Gazette 19-Mar-1997, Times 06-Mar-1997 Statutes: Capital Gains Tax Act 1979 32 Jurisdiction: England and Wales Capital Gains Tax Updated: 14 August 2022; Ref: scu.80754
Proceeds of the sale of part of a business which had been invested back into the business cannot be rolled over into the acquisition cost of remainder. Judges: Simon Brown LJ Citations: Times 27-Jun-1997, [1997] STC 893 Statutes: Capital Gains Tax Act 1979 115 Jurisdiction: England and Wales Citing: Appeal from – Watton (Inspector of … Continue reading Watton (Inspector of Taxes) v Tippett: CA 27 Jun 1997
HL Capital gains tax – Disposal of a right to what was termed a ‘royalty’ – Whether a disposal of a right to an ‘annual payment due under a covenant not secured on any property – Finance Act 1965 (c 25), Sch 7, para 12(c). Citations: [1979] UKHL TC – 53 – 185, [1979] 3 … Continue reading Rank Xerox Ltd v Lane (Inspector of Taxes): HL 25 Oct 1979
(Year?) The taxpayer claimed an industrial buildings allowance against his tax liabilities for a warehouse used as storage as a trade in itself. Two thirds of the use was for storage of finished goods awaiting collection or delivery. The taxpayers were the sole selling agents for various manufacturers and were obliged under the agreement with … Continue reading Dale (HM Inspector of Taxes) v Johnson Brothers: 1951
The costs of negotiating, and valuing the market value of shares with the Inland Revenue, are not deductible as expenses. Citations: Times 16-Jul-1997, [1997] EWCA Civ 1898 Statutes: Capital Gains Tax Act 1979 32(2)(b) Jurisdiction: England and Wales Capital Gains Tax Updated: 23 March 2022; Ref: scu.79530
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The Revenue sought to disallow for industrial buildings allowance sums expended on warehouse premises which were to be used to store window products imported for use in other manufacturing processes. Held: The Revenue’s appeal succeeded. ‘The question under s.18(1) is whether the warehouse is in use for the purposes of a trade which consists in … Continue reading Revenue and Customs v Maco Door and Window Hardware (Uk) Ltd: ChD 19 Jul 2006
The claimant was the adult and long estranged daughter of her now deceased mother. The mother’s will left the estate entirely to animal charities. The daughter sought reasonable provision under the 1975 Act. Held: The claimant’s appeal succeeded. The District Judge had made two ‘fundamental’ errors of principle, and these allowed the appeal court to … Continue reading Ilott v Mitson and Others: CA 27 Jul 2015
In the course of ancillary relief proceedings in a divorce, questions arose regarding company assets owned by the husband. The court was asked as to the power of the court to order the transfer of assets owned entirely in the company’s names. The judge had made such an order, finding evidence that the companies had … Continue reading Prest v Petrodel Resources Ltd and Others: SC 12 Jun 2013
The appellant, former chair of a road activist group, challenged certain roads orders saying that the respondent had not carried out the required environmental assessment. His claim was that the road had been adopted without the consultation required by the Strategic Environmental Assessment Directive (‘the SEA Directive’), and that that the scope of the public … Continue reading Walton v The Scottish Ministers: SC 17 Oct 2012
The taxpayer insurance company had transferred sums from accounts designated as Capital Reserves. The Revenue said that these were properly part of the profit and loss accounts for the respective tax years, and chargeable receipts. Held: The Revenue’s cross appeal succeeded. As a life assurance company, the amounts to be taken into account in computing … Continue reading Scottish Widows Plc v Revenue and Customs: SC 6 Jul 2011
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