The system of tax relief called the business expansion scheme did not apply when land was given in exchange for shares in the qualifying company. The scheme gave relief for efforts in raising money. That could not be satisfied by property given in money’s worth.
Citations:
Times 24-Apr-2000
Statutes:
Income and Corporation Taxes Act 1988 289
Jurisdiction:
England and Wales
Income Tax, Corporation Tax
Updated: 05 May 2022; Ref: scu.89871
