[2008] EWCA Civ 1423, 15 December 2008. The court found that there had been no disposal of a property for the purposes of capital gains tax where the purchase price in an uncompleted sale contract had been netted off against the price under a repurchase contract and the netting off was the sole purpose of the contracts. Appellant taxpayer (U) appealed against a decision that there had been no disposal for capital gains tax purposes in a purchase/repurchase contract. U sold a property to company (R) and signed a contract whereby he could purchase it back with the addition of ten percent of any rise in value over the intervening period. Before the contract was completed U sold to (B) (a company which he controlled). U completed the contract, but tried to treat the difference in prices as a disposal for capital gains tax purposes. Held: appeal dismissed. The evidence provided showed that the completion of the sale to R never occurred and that the purchase price was netted off between the different contracts. The only way that it would have classed as a disposal would have been if the beneficial interest in the property had been transferred to R, which never happened. The reasoning of the original Commission had been correct.