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.
Judges:
Simon Brown LJ
Citations:
Times 27-Jun-1997, [1997] STC 893
Statutes:
Capital Gains Tax Act 1979 115
Jurisdiction:
England and Wales
Citing:
Appeal from – Watton (Inspector of Taxes) v Tippett ChD 21-Dec-1995
Roll-over relief was not available for the disposal of part only of a commercial asset. . .
Cited by:
Cited – Wardhaugh (Inspector of Taxes) v Penrith Rugby Union Football Club ChD 10-May-2002
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 . .
Appealed to – Watton (Inspector of Taxes) v Tippett ChD 21-Dec-1995
Roll-over relief was not available for the disposal of part only of a commercial asset. . .
Lists of cited by and citing cases may be incomplete.
Capital Gains Tax
Updated: 31 July 2022; Ref: scu.90328