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My client holds some Wimbledon Lawn Tennis Association debentures. Every year he is able to sell some of the tickets to which he is thereby entitled to corporate hospitality agents for quite considerable sums. If my client decided to sell some or all of the seats, would this transaction be regarded as 'a capital sum derived from an asset' and, if so, what proportion of the cost could be set against the proceeds?
My client holds some Wimbledon Lawn Tennis Association debentures. Every year he is able to sell some of the tickets to which he is thereby entitled to corporate hospitality agents for quite considerable sums. If my client decided to sell some or all of the seats would this transaction be regarded as 'a capital sum derived from an asset' and if so what proportion of the cost could be set against the proceeds?
The debentures could have cost say £20 000 and they run for a period of five years with no capital repayment at the end of that period. The debenture holder is able to attend the tournament for ten to twelve days each year.
Readers' thoughts would be most appreciated.
Query T16 944 – Deuced.
Reply by Southern Man:
Despite the annual furore regarding the sale of tickets for Wimbledon ...
