Wase v Bourke
Language: English Series: Estates Gazette ; [1996] 25 EG 170-172(3)Publication details: 1996Subject(s): Summary: ChD 22 November 1995. In March 1988, B retired and sold his dairy herd. In February 1989, B who was then sixty, sold his milk quota to a third party. The general commissioners decided the milk quota sale was part of B`s disposal of his dairy farming business and held that he was entitled to retirement relief against capital gains tax. The inspector of taxes (W) appealed. Held, the disposal of the milk quota was disposal of an asset and not the disposal of either the whole or part of the dairy farming business, which ceased upon sale of the herd. Accordingly, the disposal of the milk quota does not qualify as a disposal which is entitled to relief under the Finance Act 1985 s69(2). Appeal allowed.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Law report | London Journal article | ABS55431 (Browse shelf(Opens below)) | 1 | Available | 16384-1001 |
ChD 22 November 1995. In March 1988, B retired and sold his dairy herd. In February 1989, B who was then sixty, sold his milk quota to a third party. The general commissioners decided the milk quota sale was part of B`s disposal of his dairy farming business and held that he was entitled to retirement relief against capital gains tax. The inspector of taxes (W) appealed. Held, the disposal of the milk quota was disposal of an asset and not the disposal of either the whole or part of the dairy farming business, which ceased upon sale of the herd. Accordingly, the disposal of the milk quota does not qualify as a disposal which is entitled to relief under the Finance Act 1985 s69(2). Appeal allowed.