CAPITAL GAINS TAX – principal private residence relief – whether appellant occupied property for the purposes of section 222 Taxation of Chargeable Gains Act 1992 – appeal dismissed Citations: [2019] UKFTT 704 (TC) Links: Bailii Jurisdiction: England and Wales Capital Gains Tax Updated: 20 November 2022; Ref: scu.646909
CAPITAL GAINS TAX – whether payment exempt by virtue of s 51(2) Taxation of Chargeable Gains Act 1992 – No – appeal dismissed Citations: [2019] UKFTT 483 (TC) Links: Bailii Jurisdiction: England and Wales Capital Gains Tax Updated: 27 October 2022; Ref: scu.641299
CAPITAL GAINS TAX – principal private residence relief – whether appellant’s sequential stay at two properties qualified as residence or only a temporary stay for the purposes of section 222 Taxation of Chargeable Gains Act 1992 – appeal dismissed Citations: [2019] UKFTT 488 (TC) Links: Bailii Jurisdiction: England and Wales Capital Gains Tax Updated: 25 … Continue reading Fitzjohn v Revenue and Customs (Capital Gains Tax/Taxation of Chargeable Gains : Exemptions and Reliefs): FTTTx 27 Jul 2019
Construction of the provisions relating to entrepreneurs’ relief contained in Chapter 3 of Part V of the Taxation of Chargeable Gains Act 1992, as they applied to certain disposals of trust business assets made by the trustees of three related family settlements. Judges: Lord Justice Lewison Lord Justice Snowden And Sir Launcelot Henderson Citations: [2022] … Continue reading The Quentin Skinner 2015 Settlement L and Others v Revenue and Customs: CA 16 Sep 2022
CORPORATION TAX – S137 of Taxation of Chargeable Gains Act 1992 – whether exchange of shares part of a scheme or arrangements of which the main purpose, or one of the main purposes, is avoidance of liability to corporation tax – appeal dismissed Citations: [2022] UKUT 205 (TCC) Links: Bailii Jurisdiction: England and Wales Corporation … Continue reading Revenue and Customs v Euromoney Institutional Investor Plc: UTTC 29 Jul 2022
Capital Gains Tax – entrepreneurs’ relief – Taxation of Chargeable Gains Act 1992, sections 169I and 169S – whether or not the appellant held at least 5% of the ordinary share capital of the company and at least 5% of the voting rights by virtue of that holding – no – whether or not shares … Continue reading Kavanagh v Revenue and Customs: FTTTx 31 May 2022
SCIT Capital Gains – Retirement Relief on the grounds of ill-health – incapable of engaging in work of a kind previously undertaken in the business and likely to remain permanently incapable – medical evidence did not support a finding of permanent incapacity – Appeal dismissed (Paragraph 3(1)(b), Schedule 6, Taxation of Chargeable Gains Act 1992). … Continue reading Palmer v HM Inspector of Taxes: SCIT 22 Mar 2005
Receipt of ‘money’s worth’ for lease of land was not a capital sum derived from the underlying asset. Citations: Times 22-Feb-1996 Statutes: Taxation of Chargeable Gains Act 1992 22 Capital Gains Tax Updated: 19 May 2022; Ref: scu.78965
CAPITAL GAINS TAX – relief on disposal of private residence – extent of permitted area – whether the permitted area exceeded 0.5 of a hectare – s.222(3) Taxation of Chargeable Gains Act 1992 Citations: [2020] UKFTT 381 (TC) Links: Bailii Statutes: Taxation of Chargeable Gains Act 1992 222(3) Jurisdiction: England and Wales Capital Gains Tax … Continue reading Phillips v Revenue and Customs (Capital Gains Tax – Relief On Disposal of Private Residence): FTTTx 30 Sep 2020
The taxpayers sold their shares in return for loan notes in the form of mixed qualifying (QCB) and non qualifying corporate bonds (Non-QCB) within section 115 of the 1992 Act. Gains on the disposal of QCB would be exempt from CGT. These were then converted to QCBs. The court was asked as to their chargeability … Continue reading Hancock and Another v Revenue and Customs: SC 22 May 2019
CAPITAL GAINS TAX – disposal of three residential properties in three consecutive tax years – whether the properties had been the appellant’s residences – whether her occupation of the properties had the necessary degree of permanence, continuity or expectation of continuity – held on the evidence that it did not – sections 222 and 223 … Continue reading Hashmi v Revenue and Customs (Capital Gains Tax – Disposal of Three Residential Properties): FTTTx 20 May 2020
FTTTx CAPITAL GAINS TAX – Tax avoidance scheme; trusts; sale of shares; put option; effect of contingencies, whether sale of trust assets to Irish trust under option agreement, subsequent sale for market value and ‘repatriation’ of the trust to Scotland avoids liability to capital gains tax; or whether there is a single composite transaction on … Continue reading Morrison 2002 Maintenance Trust, The Trustees of and Others v Revenue and Customs (Capital Gains Tax/Taxation of Chargeable Gains : Disposal): FTTTx 13 Apr 2016
Capital Gains Tax – s 222 Taxation of Capital Gains Act 1992 – discovery assessment of capital gains on sale of residential property and fixed penalty for failure to include the gains in a self-assessment return – whether principal private residence exemption applies – no – appeal dismissed [2018] UKFTT 770 (TC) Bailii England and … Continue reading Booth v Revenue and Customs (Capital Gains Tax/Taxation of Chargeable Gains : Disposal): FTTTx 21 Dec 2018
CAPITAL GAINS TAX – section 222 Taxation of Chargeable Gains Act 1992 – principal private residence relief – whether appellant occupied property – whether property main residence of appellant – appeal dismissed . .
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FTTTx CAPITAL GAINS TAX – disposal of a residential property after 8 months of occupation – whether the property had been the appellant’s residence – whether his occupation of the property had the necessary degree of permanence, continuity or expectation of continuity – held on the evidence that it did not – sections 222 and … Continue reading Moore v Revenue and Customs: FTTTx 14 Aug 2013
The test of whether land attached to a private dwelling in excess of a half hectare, was required for the reasonable enjoyment of the property was an objective one. The individual circumstances and requirements of the taxpayer should not affect the assessment. In this case, although the residence included stabling, land used for the horses … Continue reading Longson v Baker (Inspector of Taxes): ChD 5 Dec 2000
TAX – capital gains tax – apportionment – ‘just and reasonable’ – marriage value – existing use value of constituent parts – formula in VOA manual – alternative marriage value approach – appeal allowed – Section 222, Taxation of Chargeable Gains Act 1992 [2014] UKUT 409 (LC) Bailii Taxation of Chargeable Gains Act 1992 222 … Continue reading Oates v Revenue and Customs: UTLC 16 Sep 2014
FTTTx Capital Gains Tax – Whether property was only or main residence of Appellant – Whether Appellant had separated from his wife – Section 222 Taxation of Chargeable Gains Act 1992 – Appeal dismissed Brooks TJ [2011] UKFTT 457 (TC) Bailii Taxation of Chargeable Gains Act 1992 222 England and Wales Capital Gains Tax Updated: … Continue reading Benford v Revenue and Customs: FTTTx 8 Jul 2011
Citations: [20Q8] EWCA Civ 858, [2009] Bus LR 629, [2008] BTC 443, [2009] 1 WLR 1349, [2008] STC 3116, [2008] STI 1873 Links: Bailii Statutes: Taxation of Chargeable Gains Act 1992 179(2) Jurisdiction: England and Wales Capital Gains Tax Updated: 20 December 2022; Ref: scu.271035
substantial shareholding exemption – schedule 7AC Taxation of Chargeable Gains Act 1992 – paragraphs 7 and 15A – whether relief available when the shares have been owned by a company in a group for less than 12 months – no Citations: [2021] UKFTT 69 (TC) Links: Bailii Jurisdiction: England and Wales Capital Gains Tax Updated: … Continue reading M Group Holdings Ltd v Revenue and Customs (Substantial Shareholding Exemption): FTTTx 12 Mar 2021
This case is about the taxation of capital gains of groups of companies under the Taxation of Chargeable Gains Act 1992 (the 1992 Act). The appeal turns on the construction of section 177A of and Schedule 7A to the 1992 Act. Those provisions place restrictions on the set-off of ‘pre-entry losses.’ They were inserted in … Continue reading Prizedome Ltd and Another v Revenue and Customs: CA 12 Mar 2009
The occupation of a property as an ‘own or main residence’ is a question of fact and degree and ordinary usage. In this case, five weeks occupation by the taxpayer was insufficient to establish the exemption. Citations: Times 02-Mar-1998, Gazette 25-Mar-1998, [1998] EWCA Civ 271, (1998) 70 TC 478 Statutes: Capital Gains Tax Act 1979 … Continue reading Goodwin v Curtis (HM Inspector of Taxes): CA 18 Feb 1998
The taxpayer disposed of his farmhouse, and sought exemption from Capital Gains Tax under sections 101 and 102 of the 1989 Act. The Revenue said it had not been his only or main residence. Contracts had been exchanged for its purchase in 1983, but the transaction was completed only two years later. In the interim … Continue reading Longson v HM Inspector of Taxes: CA 13 Mar 2001
Appeal as to the price payable to the promoter of a tax saving scheme by taxpayers who wanted to use the scheme in order to reduce their liability to capital gains tax. Citations: [2007] EWCA Civ 172 Links: Bailii Statutes: Taxation of Chargeable Gains Act 1992 71 Jurisdiction: England and Wales Capital Gains Tax, Contract … Continue reading Burmarsh Ltd v Walters: CA 14 Feb 2007
The taxpayers sought relief after giving shares in a company to another company owned by themselves. The taxpayers appealed refusal of hold over relief in respect of chargeable gains. Held: The holdings in the recipient company made the companies connected with each other. The section was plainly intended to provide this result, even though that … Continue reading Foulser and Another v Macdougall: CA 17 Jan 2007
CAPITAL GAINS TAX – entrepreneurs relief – section 169 whether J Taxation of Chargeable Gains Tax Act 1992 – trust business assets – shares – settlement business assets – whether ‘qualifying beneficiary’ must be a qualifying beneficiary throughout a period of one year ending not earlier than three years before the date of disposal – … Continue reading The Quentin Skinner 2005 Settlement L and Others v Revenue and Customs (Income Tax/Corporation Tax : Entrepreneurs Relief): FTTTx 6 Aug 2019
The taxpayers had adopted the ‘flip-flop’ scheme to reduce their Capital Gains Tax liability. Held: The section was intended to prevent relief where the settlor retained some direct or indirect benefit. Derived property was defined to include income from settled property, and that could include property outside the settlement if there was also property within … Continue reading West and Others (HM Inspector of Taxes) v Trennery and others: ChD 1 Apr 2003
The taxpayer sought capital gains tax relief of a loan to a business. Held: To succeed in his claim the taxpayer had to establish that the indebtedness created was to be used entirely to serve the borrower’s business. Judges: The Honourable Mr Justice Patten Citations: [2004] EWHC 1596 (Ch), Times 22-Jul-2004 Links: Bailii Statutes: Taxation … Continue reading David Robson v Eric Mitchell (HM Inspector of Taxes): ChD 8 Jul 2004
The taxpayer company entered into an arrangement in which shares were purchased by a company based in Ireland and resold. A claim was made for holdover relief. Held: The scheme failed. The restriction imposed did not infringe the right of establishment under European law since the company was not restricted from setting up business. It … Continue reading Foulser and Another v HM Inspector of Taxes: ChD 20 Dec 2005
Capital Gains Tax. Private residence relief. Section 222 Taxation of Chargeable Gains Act 1992. Whether 25 days’ occupation was ‘residence’. Held: no, on the facts. Goodwin v Curtis [1998] BTC 176, CA applied. Citations: [2014] UKFTT 436 (TC) Links: Bailii Jurisdiction: England and Wales Capital Gains Tax Updated: 25 September 2022; Ref: scu.526827
UTTC CAPITAL GAINS TAX – section 38(1)(b) Taxation of Chargeable Gains Act 1992 – whether expenditure incurred ‘on’ an asset and ‘reflected in the state or nature of the asset at the time of disposal’ – whether expenditure incurred ‘in establishing, preserving or defending title to, or to a right over, the asset Citations: [2015] … Continue reading Revenue and Customs v Blackwell: UTTC 13 Aug 2015
The claimant sought damages from the defendants in respect of their advice as chartered accountants on the sale of shares in a private company. He lost the chance to claim retirement relief, by retiring as a director before agreement was reached on the purchase of his shares. The accountants had acted for him in his … Continue reading Joel v Langley and Partners: CA 23 Apr 2002
UTTC CAPITAL GAINS TAX – exchange of shares for debentures – whether TCGA 1992 s 137 applies to each shareholder separately – no – whether Special Commissioner entitled to conclude that the main purpose was tax avoidance – yes – appeal dismissed Judges: Avery Jones CBE Citations: [2010] UKUT 114 (TCC), [2010] STI 2112, [2010] … Continue reading Coll and Coll v HM Revenue and Customs: UTTC 5 Mar 2010
The taxpayer sought to include in the amounts to be set off by surrender against the group’s liability for corporation tax, chargeable gains in respect of allowable losses of a preceding accounting period. They appealed a decision against them at first instance. Held: The 1988 Act clearly did not allow amounts to be set off … Continue reading Taylor (Inspector of Taxes) v MEPC Holdings Ltd: CA 20 Jun 2002
FTTTx Disposal of a substantial shareholding by a company – exemption from corporation tax under Sch 7AC TCGA 1992 – whether a non-compete agreement pursuant to share sale agreement and for which part of agreed share sale price had been apportioned should be treated as a separate sale or deemed disposal of goodwill and therefore … Continue reading Williamson Tea Holdings Ltd v Revenue and Customs: FTTTx 6 Jul 2010
Judges: Lord Neuberger MR, Longmore LJ, Smith LJ Citations: [2010] EWCA Civ 118 Links: Bailii Statutes: Taxation of Chargeable Gains Act 1992 286(5)(b), Income and Corporation Taxes Act 1988 416(2) Jurisdiction: England and Wales Capital Gains Tax Updated: 14 August 2022; Ref: scu.401793
CAPITAL GAINS TAX – taper relief- disposal of shares-periods when shares qualified consecutively as non-business assets and as business assets-how to allocate gain arising in the two periods-Taxation of Chargeable Gains Act 1992 Schedule A1 paragraphs 3 and 21 Citations: [2020] UKUT 363 (TCC) Links: Bailii Jurisdiction: England and Wales Capital Gains Tax Updated: 09 … Continue reading Lee, Bunter v Revenue and Customs: UTTC 21 Dec 2020
The taxpayer entered into a scheme for the issue and disposal of corporate loans. He appealed a finding that the loans were caught by section 115 which disallowed exemption because they did not represent a normal commercial loan. Held: It was a requirement that the debt ‘has at all times represented a normal commercial loan’, … Continue reading Weston v Garnett (Inspector of Taxes): ChD 25 Jun 2004
The taxpayer appealed a refusal of full taper relief on the sale of a share for one million pounds, declining to allow any relief for the period prior to April 5 1998. Held: There was no basis in the statute for seeking any other interpretation than that indexation allowances were only allowed for gains after … Continue reading O’Sullivan v HM Inspector of Taxes: ChD 6 Oct 2005
SCIT Capital Gains Tax; disposal of shares; whether sum paid to Appellant’s Church, was part of the consideration for the shares; Taxation of Chargeable Gains Act 1992 sections 1, 15, 16, 17, 18, 37, 38 Citations: [2007] UKSPC SPC00640 Links: Bailii Capital Gains Tax; Updated: 12 July 2022; Ref: scu.262386
The taxpayer had put money into a enterprise zone property unit trust. That money had gone into refurbishment. Several years later the property was sold with a substantial profit, and the trust managers arranged the distributions so that no balancing charge arose. Held: The Act did not work so as to restrict the application of … Continue reading HM Revenue and Customs v Smallwood: CA 17 May 2007
Citations: [2006] EWHC 3350 (Ch) Links: Bailii Statutes: Taxation of Chargeable Gains Act 1992 135 Jurisdiction: England and Wales Capital Gains Tax Updated: 09 July 2022; Ref: scu.247506
The taxpayer had the benefit of option as an employee in his company scheme. He exercised the option and the issue arose as to when the base value of the options were to be valued for capital against tax purposes. The taxpayer argued that they were to be valued at the point where they were … Continue reading Mansworth (Inspector of Taxes) v Jelley: ChD 20 Mar 2002
The taxpayer use a bed and breakfast arrangement with a trust based in Mauritius, taking advantage of the double taxation agreement with that country. The shares were transferred into a discretionary trust. When the shares increased in value they were sold, and on that day the trustees retired, to be replaced by the trust company … Continue reading Davies (Inspector of Taxes) v Hicks: ChD 12 May 2005
The land was owned by members of family in undivided shares. Contracts were exchanged for its sale, but the land was divided before the sale was completed. Part of the land had come to be in the ownership of trusts in Bermuda. The Inspector sought to assess the British resident taxpayer with the chargeable gain … Continue reading Jerome v Kelly (Inspector of Taxes): ChD 15 Apr 2002
Revenue’s appeal from allowance of claim for rollover relief Citations: [1999] EWHC 845 (Ch), [1999] BTC 184, [1999] STC 594, 71 TC 376 Links: Bailii Statutes: Taxation of Chargeable Gains Act 1992 152 Jurisdiction: England and Wales Capital Gains Tax Updated: 27 June 2022; Ref: scu.341197
A non-resident employee had been given share options exercisable at the price of the shares on the New York Stock Exchange at the date of the grant. The Inland Revenue appealed a decision that the option was to be valued as at the date of grant, rather than at the time it was exercised. Held: … Continue reading Mansworth (Inspector of Taxes) v Jelley: CA 12 Dec 2002
SCIT CAPITAL GAINS TAX – valuation of shares – TCGA 1992 ss 35(2), 55(1), 272(1), (2), 273 – small unquoted company – nature of material hypothetical purchaser would take into account – approach to be adopted Citations: [2004] UK SPC00418 Links: Bailii Statutes: Taxation of Chargeable Gains Act 1992 35(2) 55(1) 272(1) 273 Capital Gains … Continue reading Marks v HM Inspector of Taxes: SCIT 23 Jun 2004
The taxpayer company had acquired an asset from a company within the same group. It had been treated as trading stock. The inspector sought to deny transfer of the resulting trading loss between the companies. Held: The claim and appeal was to be allowed. The properties if sold outside the group would have attracted loss … Continue reading New Angel Court Ltd v Danny Adam (HM Inspector of Taxes): ChD 16 Mar 2004
Judges: Lord Justice Jonathan Parker Lord Justice Kennedy Lord Justice Longmore Citations: [2003] EWCA Civ 1792, [2004] STC 170, [2004] STI 51, [2004] BTC 3 Links: Bailii Statutes: Taxation of Chargeable Gains Act 1992 77(2) Jurisdiction: England and Wales Citing: Appeal from – West and Others (HM Inspector of Taxes) v Trennery and others ChD … Continue reading Trennery v West (HM Inspector of Taxes) and Related Appeals: CA 18 Dec 2003
The company entered into an approved scheme of arrangement under which the entire preference shares were cancelled. The company appealed a refusal to recognise the arrangement as a re-organization of the company with a deemed disposal and re-acquisition of the holdings of the shares at market value. Held: It was of the essence of a … Continue reading Unilever (UK) Holdings Ltd v Smith (Inspector of Taxes): CA 11 Dec 2002
Actual retirement occurred on a cessation even though that retirement had, at first, only been intended to be temporary. Citations: Gazette 05-Jun-1996, Times 26-Apr-1996 Statutes: Taxation of Chargeable Gains Act 1992 163 Jurisdiction: England and Wales Capital Gains Tax Updated: 04 June 2022; Ref: scu.83419
CAPITAL GAINS TAX – Enterprise Investment Scheme – meaning of ‘attributable’ in section 150A(2) Taxation of Chargeable Gains Act 1992 – whether CGT exemption only available if EIS income tax relief claimed – JUDICIAL REVIEW – whether HMRC adopted flawed methodology in appraising taxpayer’s late claim for relief and exercising powers under section 5(1) Commissioners … Continue reading Ames v The Commissioners for HM Revenue and Customs: UTTC 25 Jun 2018
The fact that a retiring company owner also worked in a non-qualifying capacity part-time for somebody else did not make his work for the company less than full time. He was not to be denied retirement tax relief. To hold to the contrary would be to restrict industriousness and was inappropriate. Citations: Gazette 08-Sep-1999, Times … Continue reading Palmer v Shane Moloney and Shipleys (a Firm): CA 26 Jul 1999
Whether a valuable painting which had increased very substantially in value was a ‘wasting asset with a predictable life not exceeding 50 years’. Judges: Lord Justice Rimer Citations: [2014] EWCA Civ 278, [2014] STI 1560, [2014] BTC 12, [2014] 1 WLR 3902, [2014] WTLR 791, [2014] STC 1100, [2014] 3 All ER 50 Links: Bailii … Continue reading HM Revenue and Customs v The Executors of Lord Howard of Henderskelfe: CA 19 Mar 2014
The act provided that any payment not chargeable to income tax was to be treated as a capital payment. The settlor had created an off-shore trust in which he retained a determinable life interest, and had received unsecured and interest free loans from the trustees. The loans were repayable on demand, and it was argued … Continue reading Cooper v Billingham (Inspector of Taxes); Fisher v Edwards (Inspector of Taxes): CA 5 Jul 2001
The plaintiff tried to bring a second action in respect of an industrial injury claim outside the limitation period so as to overcome the likelihood that his first action, although timeous, would be dismissed for want of prosecution. Held: He could not do so. He was not prejudiced by the primary limitation period since he … Continue reading Walkley v Precision Forgings Ltd: HL 1979
FTTTx CAPITAL GAINS TAX – disposal of property used in used car business- entrepreneur’s relief – section 169I Taxation of Chargeable Gains Act 1992- whether cessation of trade – whether disposal within three years of cessation -yes – appeal allowed Citations: [2014] UKFTT 132 (TC) Links: Bailii Jurisdiction: England and Wales Capital Gains Tax Updated: … Continue reading Jeremy Rice v Revenue and Customs: FTTTx 29 Jan 2014
Where a UK resident created an offshore settlement under which he was a member of the class of potential beneficiaries, and the trust made loans to him which did not carry interest and where no request was in fact made for repayment over long periods, the loan amounted to a capital payment under the act … Continue reading Cooper v Billingham (Inspector of Taxes): ChD 10 Feb 2000
Where the Board of Inland Revenue had refused to extend the time limit to allow re-investment of funds realised, it was not open to the General Commissioners to overrule that decision on appeal. Citations: Times 19-May-1999, Gazette 19-May-1999 Statutes: Taxation of Chargeable Gains Act 1992 152 Jurisdiction: England and Wales Capital Gains Tax Updated: 11 … Continue reading Steibelt (Inspector of Taxes) v Paling: CA 19 May 1999
Losses caused in variations in repayments in foreign currency caused by currency fluctuations were not allowable basis for varying assessments to capital gains tax. Citations: Times 15-Jul-1998 Statutes: Taxation of Chargeable Gains Act 1992 48 Jurisdiction: England and Wales Capital Gains Tax Updated: 10 May 2022; Ref: scu.80908
Where a company ceased to be resident in the UK, and there was deemed as a result to be a transfer of shares between companies within the group, that transfer gave rise to a chargeable gain which was chargeable to Corporation Tax. Citations: Times 05-Oct-1999 Statutes: Income and Corporation Taxes Act 1970, Taxation of Chargeable … Continue reading Dunlop International Ag v Pardoe (Inspector of Taxes): CA 5 Oct 1999
Roll-over relief may be lost if a purchase is without vacant possession. Citations: Times 09-Dec-1993 Statutes: Taxation of Chargeable Gains Act 1992 152 Jurisdiction: England and Wales Capital Gains Tax Updated: 08 April 2022; Ref: scu.78864
Judges: Patten, Floyd, Hamblen LJJ Citations: [2018] EWCA 17 Civ Links: Bailii Statutes: Taxation of Chargeable Gains Act 1992 115 Jurisdiction: England and Wales Capital Gains Tax Updated: 03 April 2022; Ref: scu.602967
Where there were losses on the sale of BES shares purchased before 1986, they were valued by applying indexation allowance to the value calculated as acquisition cost less allowable deductions. Citations: Times 20-Jul-1998 Statutes: Taxation of Chargeable Gains Act 1992 53 Jurisdiction: England and Wales Capital Gains Tax Updated: 25 March 2022; Ref: scu.85097
The taxpayers used schemes to create allowable losses, and now appealed assessment to tax. The schemes involved a series of transactions none of which were a sham, but which had the effect of cancelling each other out. Held: If the true nature of the transactions could be seen by looking at them all together, then … Continue reading W T Ramsay Ltd v Inland Revenue Commissioners: HL 12 Mar 1981
interaction of the rules which relate to corporate reorganisations and those which relate to qualifying corporate bonds Judges: Lewison, Kitchen, Floyd LJJ Citations: [2017] EWCA Civ 198, [2017] 1 WLR 4717, [2017] WLR(D) 363, [2017] STC 1496, [2017] STI 1325, [2017] BTC 14 Links: Bailii, WLRD Statutes: Taxation of Chargeable Gains Act 1992 Jurisdiction: England … Continue reading Hancock and Another v Revenue and Customs: CA 25 May 2017
Corporation tax – disposal of qualifying corporate bonds – disposal of debts – section 116(10) Taxation of Chargeable Gains Act 1992 – held-over capital gain brought into charge – joint election under section 171A TCGA – whether disposal by repayment of the debt underlying the bonds is a disposal ‘to’ a person outside the corporate … Continue reading Dmwshnz Ltd v Revenue and Customs: UTTC 3 Mar 2014
FTTTx CAPITAL GAINS TAX – principal private residence – separation – had appellant ‘resided’ at property – no – appeal dismissed – section 222 Taxation of Chargeable Gains Act 1992 Citations: [2013] UKFTT 131 (TC) Links: Bailii Jurisdiction: England and Wales Capital Gains Tax Updated: 06 February 2022; Ref: scu.472333
FTTTx (Capital Gains Tax/Taxation of Chargeable Gains : Exemptions and Reliefs) CAPITAL GAINS TAX – Gift of business asset to UK-resident company by transferor with non-UK resident relatives – Hold-over relief claim disallowed by HMRC – Whether claim precluded by s 167 Taxation of Chargeable Gains Act 1992 – Yes – Whether construction of s … Continue reading Reeves v Revenue and Customs: FTTTx 28 Feb 2017
Capital Gains Tax – valuation of shares – claim of negligible value – Taxation of Chargeable Gains Act 1992 section 24(2) – whether sections 272 and 273 applicable – appeal allowed Citations: [2011] UKFTT 645 (TC) Links: Bailii Jurisdiction: England and Wales Capital Gains Tax Updated: 30 January 2022; Ref: scu.449595
FTTTx Capital Gains Tax – Gift of property – CGT not paid by donor – Subsequent assessment on donee under s 282 Taxation of Chargeable Gains Act 1992 -Whether subsequent assessment for correct year – No – Appeal allowed Citations: [2011] UKFTT 687 (TC) Links: Bailii Statutes: Taxation of Chargeable Gains Act 1992 282 Jurisdiction: … Continue reading Hamar v Revenue and Customs: FTTTx 28 Oct 2011
FTTTX Capital Gains Tax — computation of gain — disposal between husband and wife — section 58 Taxation of Chargeable Gains Act 1992 — taxpayer’s return computed gain on the market value acquisition cost — appeal against closure notice re-computing gain — whether Statement of Account constituted a closure notice — appeal against surcharge — … Continue reading Godfrey v Revenue and Customs: FTTTx 30 Nov 2010
Lord Glennie [2015] UKUT 334 (TCC) Bailii Taxation of Chargeable Gains Act 1992 England and Wales Capital Gains Tax Updated: 04 January 2022; Ref: scu.553184
CAPITAL GAINS TAX – Private residence relief – meaning of ‘residence’ – Section 222 Taxation of Chargeable Gains Act 1992 – Appeal dismissed [2012] UKFTT 258 (TC) Bailii England and Wales Capital Gains Tax Updated: 18 November 2021; Ref: scu.462680
Application of Hastings-Bass Rule F had created two settlements. Distributions were made, but overlooking the effect of section 2(4) of the 2002 Act, creating a large tax liability. P had taken advice on the investment of the proceeds of a damages claim and created a discretionary trust. Unfortunately it was done in such a way … Continue reading Futter and Another v Revenue and Customs; Pitt v Same: SC 9 May 2013
Convertible loan notes had been issued as a channel for future gains. Held: The loan notes were not a normal commercial loan as defined in Schedule 18 to the 1988 Act, and therefore did not fall within the section so as to allow qualification for exemption from liability to tax. The conditions relating to ‘normal … Continue reading Weston v Garnett (HM Inspector of Taxes): CA 16 Jun 2005
FTTTx Income tax – gift aid – s 25 FA 1990 – gifts to charity under deed of variation of a deceased’s estate – s 142 IHTA 1984 – – whether gift a qualifying donation – whether donors received a benefit in consequence of making the gifts – s 25(2)(e) FA 1990. Berner J [2010] … Continue reading Harris v Revenue and Customs: FTTTx 18 Aug 2010
Lapsed Currency conversion option lost status The taxpayer appealed his assessment to Capital Gains Tax on his redemption of loan notes arising following the sale of his computer company. He said that they were qualifying corporate bonds. The question was whether a security in which a currency conversion option has lapsed, becomes (as the taxpayer … Continue reading Harding v Revenue and Customs: CA 23 Oct 2008
The company had taken out a loan to finance works on the farm. The loan was guaranted by the taxpayer. Years later when the farm was sold, part of the money was used to repay the loan, and the taxpayer sought to set it off against his liability for Capital Gains Tax. Held: the taxpayer … Continue reading Robson v Mitchell (HM Inspector of Taxes): CA 18 May 2005
The House considered the application of the section to ‘flip-flop trusts’. The section allocated liability to charge on gains within a settlement under certain circumstances onto the settlor, and at his rate of tax. Assets were allocated to two trusts, which in alternating years realised gains and allowed a benefit to be taken. Held: The … Continue reading Trennery v West (Inspector of Taxes): HL 27 Jan 2005
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 . .
A settlor by will was deemed to have had an interest as funds were passed to a Jersey Trust. The section merely made or allowed that a variation of a will would not be a taxable event in UK law. It had no other effects. A deed of family arrangement . .