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Capital Gains Tax: Case Law, Legislation, Links 04-01-13

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

Capital Gains Tax: Case Law, Legislation, Links 04-01-13

Postby dls » Fri Jan 04, 2013 7:26 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.
    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.
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