Search Results for: Taxation of Chargeable Gains Act 1992

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Lord Howard of Henderskelfe (Deceased) v Revenue and Customs; UTTC 11 Mar 2013

References: [2013] UKUT 129 (TCC) Links: Bailii UTTC Taxation of Chargeable Gains Act 1992, sections 44 and 45 – whether a valuable painting displayed in Castle Howard was ‘plant’ within section 44(1)(c) of the 1992 Act – whether the painting satisfied the test as to function – whether the painting satisfied the test as to … Continue reading Lord Howard of Henderskelfe (Deceased) v Revenue and Customs; UTTC 11 Mar 2013

Coll and Coll v HM Revenue and Customs; UTTC 5 Mar 2010

References: [2010] UKUT 114 (TCC), [2010] STI 2112, [2010] BTC 1513, [2010] STC 1849 Links: Bailii Coram: Avery Jones CBE UTTC CAPITAL GAINS TAX – exchange of shares for debentures – whether TCGA 1992 s 137 applies to each shareholder separately – no – whether Special Commissioner entitled to conclude that the main purpose was … Continue reading Coll and Coll v HM Revenue and Customs; UTTC 5 Mar 2010

The Quentin Skinner 2005 Settlement L and Others v Revenue and Customs (Income Tax/Corporation Tax : Entrepreneurs Relief): FTTTx 6 Aug 2019

CAPITAL GAINS TAX – entrepreneurs relief – section 169 whether J Taxation of Chargeable Gains Tax Act 1992 – trust business assets – shares – settlement business assets – whether ‘qualifying beneficiary’ must be a qualifying beneficiary throughout a period of one year ending not earlier than three years before the date of disposal – … Continue reading The Quentin Skinner 2005 Settlement L and Others v Revenue and Customs (Income Tax/Corporation Tax : Entrepreneurs Relief): FTTTx 6 Aug 2019

Foulser and Another v HM Inspector of Taxes: ChD 20 Dec 2005

The taxpayer company entered into an arrangement in which shares were purchased by a company based in Ireland and resold. A claim was made for holdover relief. Held: The scheme failed. The restriction imposed did not infringe the right of establishment under European law since the company was not restricted from setting up business. It … Continue reading Foulser and Another v HM Inspector of Taxes: ChD 20 Dec 2005

Taylor (Inspector of Taxes) v MEPC Holdings Ltd: CA 20 Jun 2002

The taxpayer sought to include in the amounts to be set off by surrender against the group’s liability for corporation tax, chargeable gains in respect of allowable losses of a preceding accounting period. They appealed a decision against them at first instance. Held: The 1988 Act clearly did not allow amounts to be set off … Continue reading Taylor (Inspector of Taxes) v MEPC Holdings Ltd: CA 20 Jun 2002

Davies (Inspector of Taxes) v Hicks: ChD 12 May 2005

The taxpayer use a bed and breakfast arrangement with a trust based in Mauritius, taking advantage of the double taxation agreement with that country. The shares were transferred into a discretionary trust. When the shares increased in value they were sold, and on that day the trustees retired, to be replaced by the trust company … Continue reading Davies (Inspector of Taxes) v Hicks: ChD 12 May 2005

Walkley v Precision Forgings Ltd: HL 1979

The plaintiff tried to bring a second action in respect of an industrial injury claim outside the limitation period so as to overcome the likelihood that his first action, although timeous, would be dismissed for want of prosecution. Held: He could not do so. He was not prejudiced by the primary limitation period since he … Continue reading Walkley v Precision Forgings Ltd: HL 1979

W T Ramsay Ltd v Inland Revenue Commissioners: HL 12 Mar 1981

The taxpayers used schemes to create allowable losses, and now appealed assessment to tax. The schemes involved a series of transactions none of which were a sham, but which had the effect of cancelling each other out. Held: If the true nature of the transactions could be seen by looking at them all together, then … Continue reading W T Ramsay Ltd v Inland Revenue Commissioners: HL 12 Mar 1981

Weston v Garnett (HM Inspector of Taxes): CA 16 Jun 2005

Convertible loan notes had been issued as a channel for future gains. Held: The loan notes were not a normal commercial loan as defined in Schedule 18 to the 1988 Act, and therefore did not fall within the section so as to allow qualification for exemption from liability to tax. The conditions relating to ‘normal … Continue reading Weston v Garnett (HM Inspector of Taxes): CA 16 Jun 2005