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These cases are from the lawindexpro database. They are now being transferred to the swarb.co.uk website in a better form. As a case is published there, an entry here will link to it. The swarb.co.uk site includes many later cases.  














Capital Gains Tax - From: 2003 To: 2003

This page lists 8 cases, and was prepared on 20 May 2019.

 
West and Others (HM Inspector of Taxes) v Trennery and others Times, 18 April 2003; Gazette, 12 June 2003; [2003] STC 580; [2003] EWHC 676 (Ch)
1 Apr 2003
ChD
The Honourable Mr Justice Peter Smith
Capital Gains Tax, Trusts
The taxpayers had adopted the 'flip-flop' scheme to reduce their Capital Gains Tax liability. Held: The section was intended to prevent relief where the settlor retained some direct or indirect benefit. Derived property was defined to include income from settled property, and that could include property outside the settlement if there was also property within the settlement of which it could be said to represent the proceeds. Loans in this scheme were indirectly derived form the utilisation of the shares within the settlement, and the scheme failed.
Taxation of Chargeable Gains Act 1992 77
1 Citers

[ Bailii ]

 
 Inwards v HM Inspector of Taxes; SCIT 16-Jun-2003 - [2003] UKSC SPC00371
 
Commissioners of Inland Revenue v the Scottish Provident Institution [2003] ScotCS 188; [2003] STC 1035
3 Jul 2003
OHCS
Lady Cosgrove And Lord Eassie And Lord President
Capital Gains Tax
The parties arranged for the issue of cross options for the purchase of gilts, which would prove when exercised to be very tax effective when a new system of taxing such transaction was in place, and planned losses could be set off against taxable gains elsewhere. The premiums were fixed by market forces, and there was a small risk that an overall loss would arise.
1 Cites

1 Citers

[ Bailii ]
 
New Angel Court Ltd v Adam (Inspector of Taxes) Times, 08 August 2003; [2003] EWHC 1876 (Ch); Gazette, 02 October 2003
25 Jul 2003
ChD
Lawrence Collins J
Capital Gains Tax
The taxpayer company employed a subsidiary company through which it conducted its trade in land. It then sought to represent the profits from that subsidiary within its own accounts as trading profits for corporation tax purposes. The commissioner viewed the arrangement as window dressing to maximise claims of expenditure against income. Held: The rule required a company to show that the subsidiary had been acquired as trading stock, but any fiscal motive was irrelevant. A transaction might be ineffective where it was inexplicable save on fiscal grounds looked at as a whole. The asset had to be acquired in order to be sold in the normal course of trade and for profit. In the end it was a matter of fact for the commissioners. In this case they had directed themselves correctly in law, looking at the group as a whole. Appeal dismissed.
1 Cites

1 Citers

[ Bailii ]
 
Faraday v Carmarthanshire County Council [2003] EWLands TMA/89/2002
20 Oct 2003
LT

Corporation Tax, Capital Gains Tax
LT TAX – corporation tax – market value in June 1988 – backland formerly part of petrol filling station – likely grant of planning permission for housing – access – comparables – value determined at £900,000 – Capital Gains Tax Act 1979, s150
Capital Gains Tax Act 1979 150
1 Citers

[ Bailii ]
 
Ellis v Norbury Hill Ltd [2003] EWLands TMA - 89 - 2002
20 Oct 2003
LT

Capital Gains Tax
LT TAX - corporation tax - market value in June 1988 - backland formerly part of petrol filling station - likely grant of planning permission for housing - access - comparables - value determined at £900,000 - Capitals Gains Tax Act 1979, s150
Capitals Gains Tax Act 1979 150
[ Bailii ]
 
Barnett, Regina (on the Application of) v Inland Revenue [2003] EWHC 2581 (Admin)
27 Oct 2003
Admn

Capital Gains Tax

[ Bailii ]
 
Trennery v West (HM Inspector of Taxes) and Related Appeals [2003] EWCA Civ 1792; [2004] STC 170; [2004] STI 51; [2004] BTC 3
18 Dec 2003
CA
Lord Justice Jonathan Parker Lord Justice Kennedy Lord Justice Longmore
Capital Gains Tax

Taxation of Chargeable Gains Act 1992 77(2)
1 Cites

1 Citers

[ Bailii ]
 
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