Barrett (HMIT) v Powell
Barrett (HMIT) v Powell
- 1998
- Estates Gazette [1998] 22 EG 155-157(3) .
ChD 3 February 1998. P occupied and farmed a large holding, which he part owned, part held licence, and part tenanted. P surrendered the tenanted land upon a service of notice to quit, but continued to hold the land under licence, receiving £120,000. This licence expired on 29 September 1991, with the rest of the farming operations ceasing on 5 April 1993, and the business closing on 5 April 1993. P was assessed for capital gains tax in respect of the chargeable gain on the £120,000. His appeal to the General Commissioners was allowed on the basis that the business continued after the surrender was different to that previous. Appeal by the inspector of taxes allowed.
AGRICULTURAL HOLDINGS
BARRETT (HMIT) V POWELL
CAPITAL GAINS TAX
CHARGEABLE GAIN
FINANCE ACT 1985 S69(2)
RETIREMENT RELIEF
ChD 3 February 1998. P occupied and farmed a large holding, which he part owned, part held licence, and part tenanted. P surrendered the tenanted land upon a service of notice to quit, but continued to hold the land under licence, receiving £120,000. This licence expired on 29 September 1991, with the rest of the farming operations ceasing on 5 April 1993, and the business closing on 5 April 1993. P was assessed for capital gains tax in respect of the chargeable gain on the £120,000. His appeal to the General Commissioners was allowed on the basis that the business continued after the surrender was different to that previous. Appeal by the inspector of taxes allowed.
AGRICULTURAL HOLDINGS
BARRETT (HMIT) V POWELL
CAPITAL GAINS TAX
CHARGEABLE GAIN
FINANCE ACT 1985 S69(2)
RETIREMENT RELIEF