Taxation
Taxation
- 2000
- Estates Gazette Case Summaries [2000] EGCS 62 .
"Garner (HMIT) v Pounds Shipowners & Shipbreakers Ltd; Garner (HMIT) v Pounds" HL 22 May 2000. Taxpayer granting option to buy land- Payment dependent upon taxpayer obtaining release from covenants. Release obtained for consideration of £90,000. Taxpayer receiving £399.750 - Whether £90,000 deductible for purposes of calculating chargeable gain. commissioners holding £90,000 deductible. High Court dismissing Revenue's appeal - Revenue's appeal allowed. Taxpayer appeal dismissed. (Taken from headnote)
OPTION TO PURCHASE
CAPITAL GAINS TAX
CHARGEABLE GAIN
"Garner (HMIT) v Pounds Shipowners & Shipbreakers Ltd; Garner (HMIT) v Pounds" HL 22 May 2000. Taxpayer granting option to buy land- Payment dependent upon taxpayer obtaining release from covenants. Release obtained for consideration of £90,000. Taxpayer receiving £399.750 - Whether £90,000 deductible for purposes of calculating chargeable gain. commissioners holding £90,000 deductible. High Court dismissing Revenue's appeal - Revenue's appeal allowed. Taxpayer appeal dismissed. (Taken from headnote)
OPTION TO PURCHASE
CAPITAL GAINS TAX
CHARGEABLE GAIN