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
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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
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
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 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
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
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
The taxpayer had accepted a grant toward the building of a new club house. They sought rollover relief on the proceeds of sale of the former club house. The inspector sought to restrict the claim to exclude the benefit of the grant. Held: The grant was not to be taken into account. Section 50 did … Continue reading Wardhaugh (Inspector of Taxes) v Penrith Rugby Union Football Club: ChD 10 May 2002
An assessment to income tax had been raised after the employee resold shares in the company issued through the employees’ share scheme at a price which the Revenue said was above the share value. The company appealed against a finding that tax was payable. Held: The appeal failed. The Revenue should calculate the price which … Continue reading Grays Timber Products Ltd v Revenue and Customs: SC 3 Feb 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
