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
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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 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
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 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
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
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
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
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
ECJ Judgment – Failure of a Member State to fulfil obligations – Freedom of establishment – Free movement of capital – Articles 49 TFEU and 63 TFEU – Articles 31 and 40 of the EEA Agreement – National tax legislation – Attribution of gains to participators in close companies – Different treatment of resident and … Continue reading Commission v United Kingdom: ECJ 13 Nov 2014
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
The taxpayers had set up trusts which they said were based in Mauritius allowing them to claim double taxation relief. The Revenue had issued closure notices, confirmed by the SPCT, but overturned by the High Court. The Revenue appealed, saying that the trust was resident in the UK. Held: The appeal suceeded (Patten LJ dissenting … Continue reading Revenue and Customs v Smallwood and Another: CA 8 Jul 2010
FTTTx INCOME TAX – loss relief for loans to traders – s253 Taxation of Chargeable Gains Act 1992 (‘TCGA 1992’) – whether payments made by appellant in respect of interest on bank loans to property trading company . .
CORPORATION TAX – Property holding company part of a larger group of companies letting its properties to the trading company of the same group – Assignment by the property company to a bank of the right to receive its rents for a five year period in . .
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. . .
Transfer of trust assets by trustee of non-resident settlement to trustees of new UK-resident settlement – asset transfer linked with trustee borrowing – capital distributions subsequently made by latter settlement to beneficiaries who are also . .
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 . .
References: [2015] UKUT 418 (TCC) Links: Bailii 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 … Continue reading Revenue and Customs v Blackwell; UTTC 13 Aug 2015
