Security exchange losses on interest-bearing loan were not to be set off against capital gains as being a debt on a security even though secured. Being simply secured itself was insufficient to make a debt a debt on a security.
Citations:
Times 02-Dec-1998, [1998] EWCA Civ 1789
Statutes:
Capital Gains Tax Act 1979 134
Jurisdiction:
England and Wales
Citing:
Appeal from – Taylor Clark International Ltd v Lewis (Inspector of Taxes) ChD 24-Mar-1997
Currency fluctuation losses arising from a loan to a subsidiary overseas company were not allowable against capital gains tax. The words ‘the debt on a security’ in section 117(1)can refer to an obligation to pay or repay embodied in the Loan Note, . .
Lists of cited by and citing cases may be incomplete.
Capital Gains Tax
Updated: 27 November 2022; Ref: scu.145268