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Chaos theory
Key points
- Consequences of failing to demolish an entire building before new construction.
- Conditions for capital loss claims under TCGA 1992 s 24.
- Effect of TCGA 1992 s 41 on capital allowances.
- Surrendering a loss to a member of the same corporate group.
- Anomaly in the legislation if a demolition is not complete.
This is a tale akin to chaos theory in physics when a butterfly flaps its wings and far away something much bigger happens that a business could not anticipate. Well here is a builder’s jam tart addiction a demolition that left a small brick wall standing and an HMRC tax challenge on the interaction between capital gains capital allowances and capital gains tax losses.
Statutory references are to TCGA 1992 unless otherwise specified.
Scene is set
Hermione Haggerty owner of Barnstoneworth United football club group sat befuddled at...
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