The taxpayer had accepted a grant toward the building of a new club house. They sought rollover relief on the proceeds of sale of the former club house. The inspector sought to restrict the claim to exclude the benefit of the grant.
Held: The grant was not to be taken into account. Section 50 did not apply to reduce the allowance claimed under section 152. Nothing in either section referred to the other so as to establish a link, and the case of Watton established that there was none.
Mr Justice Ferris
Times 29-May-2002, Gazette 13-Jun-2002
Taxation of Chargeable Gains Act 1992 50 152
England and Wales
Citing:
Cited – Watton (Inspector of Taxes) v Tippett CA 27-Jun-1997
Proceeds of the sale of part of a business which had been invested back into the business cannot be rolled over into the acquisition cost of remainder. . .
Lists of cited by and citing cases may be incomplete.
Capital Gains Tax
Updated: 11 December 2021; Ref: scu.171304
