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 enterprise zone losses.
Judges:
Sedley LJ, Carnwath LJ, Lawrence Collins LJ
Citations:
Times 07-Jun-2007, [2007] EWCA Civ 462
Links:
Statutes:
Taxation of Chargeable Gains Act 1992 41(2)
Jurisdiction:
England and Wales
Citing:
At SCIT – Smallwood v Revenue and Customs SCIT 3-Nov-2005
SCIT CAPITAL GAINS TAX – Allowable losses – Disposal of units in enterprise zone property unit trust – Capital allowances made to Appellant – Whether Appellant’s allowable expenditure to be restricted by capital . .
Appeal from – Revenue and Customs v Smallwood ChD 6-Jul-2006
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. . .
Lists of cited by and citing cases may be incomplete.
Capital Gains Tax
Updated: 11 July 2022; Ref: scu.252385
