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Capital Gains Tax: Case Law, Legislation, Links 11-09-17

Income, Corporation, Capital Gains, Inheritance Taxes, VAT and so on.

Capital Gains Tax: Case Law, Legislation, Links 11-09-17

Postby dls » Mon Sep 11, 2017 11:29 am

Taxation of Chargeable Gains
Please take the time to explore these links. Once you get used to what is provided, the power to enquire about the law is properly substantial. Suggestions for further leading cases, statutes, links and corrections are always welcome. I give my warm thanks to those who have suggested material.

Case law:
Leading Cases:
    Jerome -v- Kelly (Her Majesty’s Inspector of Taxes); HL 13-May-2004 - In 1987, trustees holding land for various beneficiaries in undivided shares entered into a contract to sell it to a purchaser. In 1989 Mr and Mrs Jerome, who were absolutely entitled to interests in the land, assigned part of their beneficial interests (subject to the contract) to the trustees of two Bermuda settlements. By three conveyances in 1990-1992, the original trustees completed the contract of sale. The revenue claimed that the disposal was made at the time of the contract; the taxpayer argued for the time of the conveyances.
    Pepper (Inspector of Taxes) -v- Daffurn; ChD 24-Jun-1993 - A farmer, anticipating retirement, applied for and obtained planning permission for the development of land on his farm. He ran down the farming on that land, and applied for relief upon retirement. Held: Retirement relief should be denied to him, since at the time of his retirement, the land no longer formed part of the farm he was running.
    Robson -v- Mitchell (HM Inspector of Taxes); CA 18-May-2005 - The company had taken out a loan to finance works on the farm. The loan was guaranted by the taxpayer. Years later when the farm was sold, part of the money was used to repay the loan, and the taxpayer sought to set it off against his liability for Capital Gains Tax.
    Roome -v- Edwards; HL 1982 - A claim was made for the payment of Capital Gains Tax. It was material to that claim to decide whether the exercise of a power of appointment contained in a settlement gave rise to a settlement separate from the main settlement.
    W T Ramsay Ltd -v- Inland Revenue Commissioners; HL 12-Mar-1981 - The taxpayers used schemes to create allowable losses, and now appealed assessment to tax. The schemes involved a series of transactions none of which were a sham, but which had the effect of cancelling each other out.
    Held: If the true nature of the transactions could be seen by looking at them all together, then that should be done. If the composite transaction produced neither a gain nor a loss, it was a nullity. The schemes should be ignored as artificial and fiscally ineffective.
    Weston -v- Garnett (Inspector of Taxes); ChD 25-Jun-2004 - The taxpayer entered into a scheme for the issue and disposal of corporate loans. He appealed a finding that the loans were caught by section 115 which disallowed exemption because they did not represent a normal commercial loan.
    Held: It was a requirement that the debt ‘has at all times represented a normal commercial loan’, which phrase was defined by the 1988 Act.
Legislation:
    1970
      Taxes Management Act 1970 / 9 -|- Case law -|- See Also: Taxes Management, Income Tax, Corporation Tax
      An Act to consolidate certain of the enactments relating to income tax, capital gains tax and corporation tax, including certain enactments relating also to other taxes.
    1979
    1992
    2008
      Finance Act 2008 / 9 -|- Case law -|- See Also: Stamp Duty, Income Tax, Corporation Tax
      An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with finance.
    2014
      Finance Act Act 2014 / 26 -|- Case law -|- See Also: Taxes - Other, Income Tax, Corporation Tax, Customs and Excise
      An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with finance.

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