[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.