swarb.co.uk - law index
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Capital Gains Tax - From: 1960 To: 1969
This page lists 2 cases, and was prepared on 20 May 2019.
In re Lynall deceased (1968) 47 TC 375
1968
CA
Harman LJ
Capital Gains Tax
Harman LJ said: "The sale envisaged by the section is, as is agreed, not a real but a hypothetical sale, and must be taken to be a sale between a willing vendor and a willing purchaser: see, for instance, the speech of Lord Guest in In re Sutherland [ 1963] AC 235 , at page 262. It is true that the so-called willing vendor is a person who must sell: he cannot simply call off the sale if he does not like the price; but there must be on the other side a willing purchaser, so that the conditions of the sale must be such as to induce in him a willing frame of mind."
Finance Act 1894 7(5)
1 Citers
Crabtree v Hinchcliffe (Inspector of Taxes) [1970] 1 All ER 1239; [1970] Ch 628
5 Dec 1969
ChD
Pennycuick J
Capital Gains Tax
The taxpayer owned shares in his own company, and was to sell them in a take-over. The sale was delayed. The Act required the base value to be set at the beginning of the tax year, and the chargeable gain was the increase in price when the sale eventually went through. As quoted stock, they were to be valued at the quoted price unless there were exeptional circumstances. Held: The impending sale should have been disclosed to the shareholders generally. Had that happened, the price at the start of the tax year would have been greater, and the base price was set accordingly and the chargeable gain reduced accordingly. The inspector's appeal from the Special Commissioners failed.
Finance Act 1965 44(3)
1 Cites
1 Citers
