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

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

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

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

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

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 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

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 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

The court was asked as to the applicability or not of deeming provisions in relation to the taxation of chargeable gains arising out of what may or may not be group transactions, and in particular the meaning and effect, in context, of the word ‘associated’ where it appears for the second time in section 179(2). … Continue reading Johnston Publishing (North) Ltd v HM Revenue and Customs: ChD 14 Mar 2007

The Revenue appealed dismissal of its claim for assessment to tax of distributions received from taxpayers units in an enterprise zone property.
Held: The appeal failed. Legislation had since prevented 100% capital allowance claims. . .