SCIT Claim to set capital loss against income under S. 574 Taxes Act 1988 – Appellant’s claim to have a loss of andpound;50,400, resulting from the initial subscription of Ordinary Shares for andpound;400 and the capitalisation of andpound;50,000 of a loan in return for B Ordinary Shares with restricted rights – Respondents contention that the B Ordinary Shares were worthless at the point of the capitalisation of the debt, such that the allowable loss was restricted to andpound;400 – Rights issue analysis – Appeal allowed in full.
[2008] UKSPC SPC00711, [2008] STC (SCD) 1219
Bailii
Income and Corporation Taxes Act 1988 574
England and Wales
Income Tax
Updated: 09 November 2021; Ref: scu.277628
