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
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
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FTTTx CAPITAL GAINS TAX – ss 86, 87, 90, 97 and Schedule 5 TCGA -‘Flip Flop’- whether taxpayer still interested within s.86(1)(d) in first settlement from which he was excluded because money borrowed by first . .
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
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
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
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
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
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
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
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
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
In section 117 the word ‘security’ identified an asset in the nature of an investment. It was used as meaning something distinct from the debt on it referred to in section 117(1)(a), but it was not simply a reference to the document which evidenced the debt. Briggs J [2008] EWHC 99 (Ch), [2008] STC 1865 … Continue reading Harding v HM Revenue and Customs: ChD 30 Jan 2008
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
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
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 . .
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 . .
The taxpayer company purchased properties to be occupied by other companies within the same group. Having granted leases, they assigned the rental income for the first six years to a bank in return for a capital payment. They then sought relief from . .
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 . .
