Underwood v Revenue & Customs Commissioners (Record no. 80671)

MARC details
000 -LEADER
fixed length control field 02339cad a22002055a 4500
001 - CONTROL NUMBER
control field L144969
008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION
fixed length control field 080827e20080128xxk f v 000 0 eng d
035 ## - SYSTEM CONTROL NUMBER
System control number (Sirsi) u144969
041 0# - LANGUAGE CODE
Language code of text/sound track or separate title eng
245 00 - TITLE STATEMENT
Title Underwood v Revenue & Customs Commissioners
Medium [electronic resource]
260 ## - PUBLICATION, DISTRIBUTION, ETC.
Date of publication, distribution, etc. 2008
520 ## - SUMMARY, ETC.
Summary, etc. [2008] EWHC 108 (Ch), 31 January 2008. Case dealt with circumstances in which two parties had abandoned the performance of a contract for the sale of land and there had accordingly been no disposal for the purposes of the Taxation of Chargeable Gains Act 1992 S28(1). Appellant (U) appealed against a decision dismissing his appeal against estimate assessments to capital gains tax. U had bought a property for £1.4 million and the value fell to £400 000 - a price at which U agreed to sell the property to a company (R). U was given a clause in the agreement whereby he could buy back the property for a value of £420 000. He changed his mind about the sale and decided to sell instead to (B), a company that he controlled for £600 000. Instead of utilising the clause with R, he entered into a new contract to buy it back. The solicitor for all parties arranged a transfer from U to B, with R receiving £20 000 from U. U then claimed a loss on the disposal to R, a view that the respondent commissioners disagreed with. Held: appeal dismissed. Nothing justified the conclusion that any set-off of the purchase prices under the sale and repurchase contracts was either intended or occurred. The reality was, that once the option of the creation of the repurchase contract had been exercised, the net effect was a profit of £20 000 to R. Neither the original sale or the repurchase were actually performed, as they were settled by way of the payment of the difference between the value of their combined rights. Since there was no performance of contract, there was no transfer of the beneficial interest and no disposal under the original sale contract.
590 ## - LOCAL NOTE (RLIN)
Local note KA
650 24 - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element UNDERWOOD V REVENUE & CUSTOMS COMMISSIONERS
650 24 - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element TAXATION OF CHARGEABLE GAINS ACT 1992 S28(1)
651 #4 - SUBJECT ADDED ENTRY--GEOGRAPHIC NAME
Geographic name England and Wales
Chronological subdivision 1543-
690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN)
Topical term or geographic name as entry element PROPERTY AND LAND LAW-RESIDENTIAL
856 40 - ELECTRONIC LOCATION AND ACCESS
Uniform Resource Identifier <a href="https://www.bailii.org/ew/cases/EWCA/Civ/2008/964.html">https://www.bailii.org/ew/cases/EWCA/Civ/2008/964.html</a>
Public note View the case free of charge online at www.bailii.org...
942 ## - ADDED ENTRY ELEMENTS (KOHA)
Suppress in OPAC 0
Holdings
Withdrawn status Lost status Source of classification or shelving scheme Damaged status Not for loan Home library Current library Shelving location Date acquired Total Checkouts Full call number Barcode Date last seen Copy number Price effective from Koha item type
    Dewey Decimal Classification     Virtual Virtual Online 27/08/2008   L144969 144969-1001 06/08/2019 1 06/08/2019 Law report