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

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. . .