Capital Gains

HMRC have changed their minds about the implications of the decision in Mansworth v Jelley as far as the cost of shares is concerned, which has caused confusion about losses brought forward and the costs to be taken into account in future disposals

Land Securities plc v CRC, Upper Tribunal (Tax and Chancery Chamber)

The co-owners of non-residential buildings wish to rationalise their ownership so that they each own individual properties rather than shares in the same properties

A higher-rate taxpayer holds substantial investments within the enterprise investment scheme, which have benefited from income tax relief and capital gains tax deferral relief

The shareholder directors of a limited company own shareholder loans. These were acquired at a low price from a previous and unconnected shareholder when there seemed little likelihood of repayment

Susan Bradley (TC2560)

Executors of Lord Howard of Henderskelfe (deceased) v CRC, Upper Tribunal (Tax and Chancery Chamber)

The decision of whether or not to make an overseas capital loss election is not straightforward

The term “ordinarily resident” has been removed from regulation 15 of the Capital Gains Tax Regulations 1967, under newly published draft regulations that have also eliminated the requirement that a person must be resident or ordinarily resident or carry on a trade in the UK to be joined as a third party to an appeal or make an application to be joined.

S Brand (TC2434)

D Horner; E Horner (TC2498)