Capital gains tax
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Garner (Inspector of Taxes) v Pounds Shipowners & Shipbreakers Ltd and related action
Taxpayers granting option to buy land to purchaser – Option dependent on taxpayers obtaining release from restrictive covenants – Release from restrictive covenants obtained for consideration of £90,000 – Taxpayers…
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Watton (Inspector of Taxes) v Tippett
Taxpayer purchasing land – Land used for purpose of trade carried on by taxpayer – Taxpayer selling part of land for consideration – Taxpayer claiming roll-over relief for consideration -…
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Garner (HMIT) v Pounds Shipowners & Shipbreakers Ltd; Garner v Pounds
Taxpayer granting option to buy land – Payment dependent upon taxpayers obtaining release from covenants – Release obtained for consideration of £90,000 – Taxpayer receiving £399,750 – Commissioners holding £90,000…
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Garner (HMIT) v Pounds Shipowners & Shipbreakers Ltd; Garner (HMIT) v Pounds
Taxpayer granting option to buy land – Payment dependent upon taxpayer obtaining release from covenants – Release obtained for consideration of £90,000 – Taxpayer receiving £399,750 – Whether £90,000 deductible…
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Honour (HM Inspector of Taxes) v Norris
Tax exemption — Private residence — Disposal — Sale of flat in separate building — Flat accommodating family members and guests — Whether flat forming part of taxpayer’s dwelling-house –…
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Pepper (HMIT) v Daffurn
Farmer sold part of farm land — Retirement relief granted — Retained land subsequently sold for development — Whether sale was disposal of part of business notwithstanding farming had ceased…
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Jarmin (HMIT) v Rawlings
Retirement relief — Sale of farm land and business assets — Whether disposal of whole or part of business — General Commissioners holding taxpayer disposed of dairying part of business…
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Griffin (HMIT) v Craig-Harvey
Election of private residence — Disposal of residence — Relief from capital gains tax claimed — Whether taxpayer obliged to elect principal residence within two years of acquiring second residence…
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Neely v Ward (HM Inspector of Taxes)
Sale of property — Gain realised on sale of cottage — Assessment to CGT raised — Allowable loss claimed for goods previously stolen from cottage — Value of stolen property…
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Lewis (HM Inspector of Taxes) v Rook
Tax exemption — Private residences — Disposal — Sale of gardener’s cottage — Cottage situated 175 m from main house — Whether private residence exemption applicable on disposal of cottage…
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Campbell Connelly & Co Ltd v Barnett (HM Inspector of Taxes)
Sale of property — Business premises — Capital gains tax — Roll-over relief — One company purchased by another — Chargeable gain arising on sale of old premises — New…
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Plumbly and others v Spencer (HMIT)
Retirement relief – Taxpayer leasing land to farming company – Taxpayer disposing of land on reaching 60 years of age – Whether retirement relief available – Whether asset disposed of…