The land was owned by members of family in undivided shares. Contracts were exchanged for its sale, but the land was divided before the sale was completed. Part of the land had come to be in the ownership of trusts in Bermuda. The Inspector sought to assess the British resident taxpayer with the chargeable gain acquired by the Bermudan Trustees.
Held: The provisions of s28 which deemed gains to have been acquired by others could not be used to hold a person being liable to gains tax on a gain which he did not make, and to leave other unconnected persons who had made a gain free of the tax.
Judges:
Mr Justice Park
Citations:
Times 19-Apr-2002
Statutes:
Taxation of Chargeable Gains Act 1992 28 60, Capital Gains Tax Act 1979 27(1)
Jurisdiction:
England and Wales
Citing:
Appealed to – Jerome v Kelly (HM Inspector of Taxes) CA 20-Dec-2002
The taxpayer had contracted for the disposal of land in three tranches. The later sales were by a Bahamian company to whom the land was assigned subject to the contract.
Held: The later sales were under the original contract. That contract . .
Cited by:
Appeal from – Jerome v Kelly (HM Inspector of Taxes) CA 20-Dec-2002
The taxpayer had contracted for the disposal of land in three tranches. The later sales were by a Bahamian company to whom the land was assigned subject to the contract.
Held: The later sales were under the original contract. That contract . .
Lists of cited by and citing cases may be incomplete.
Commonwealth, Capital Gains Tax
Updated: 27 June 2022; Ref: scu.170065
