Capital gains tax and disposal dates
Capital gains tax and disposal dates
- 2004
- Farm Tax Brief 19(6) July 2004, 3-4(2) .
Discusses the use of options in the disposal of property in relation to the case "Jerome v Kelly (HMIT)" ([2004] UKHL 25, Abs67879) which concerned the correct assessment of Capital Gains Tax liability on the disposal of land with development prospects. Options are not binding contracts for sale, with the grantee free to walk away and an intending purchaser bound into a contract only if the designated conditions are met.
JEROME V KELLY (HMIT)
CAPITAL GAINS TAX ACT 1979
DISPOSALS
INTERESTS IN LAND
DISPOSAL OF PROPERTY
Discusses the use of options in the disposal of property in relation to the case "Jerome v Kelly (HMIT)" ([2004] UKHL 25, Abs67879) which concerned the correct assessment of Capital Gains Tax liability on the disposal of land with development prospects. Options are not binding contracts for sale, with the grantee free to walk away and an intending purchaser bound into a contract only if the designated conditions are met.
JEROME V KELLY (HMIT)
CAPITAL GAINS TAX ACT 1979
DISPOSALS
INTERESTS IN LAND
DISPOSAL OF PROPERTY