Inwards v HM Inspector of Taxes: SCIT 16 Jun 2003

SCIT CAPITAL GAINS TAX – Reinvestment relief – Return of value – Acquisition by director of shares newly issued – andpound;375,000 paid for shares – Delay before issue – No contract although arrangement that payment was for shares – Debt to director until issue – Whether debt incurred ‘on’ acquisition – Whether TCGA s.164L covers debt itself incurred as part of arrangements for acquisition – Mischief rule – Appeal allowed

Citations:

[2003] UKSC SPC00371

Links:

Bailii

Capital Gains Tax

Updated: 10 June 2022; Ref: scu.195425