000			01316cab a2200241 4500
001			ABS46488
008			090401t1992 xxu||||| |||| 00| 0 eng d
035			_a(Sirsi) u58517
041			_aeng
245			_aLewis v Walters
260			_c1992
350			_a0
490			_aTaxation _v129 (3355) 28 May 1992, 215-216(2)
520			_aChD 15 January 1992. L, as executor, had sold the house belonging to the estate of his late parents, his mother having owned the freehold subject to a 99 year lease in his father`s favour. With 16 years left to run, the lease was assessed for capital gains tax as a `wasting asset`. L countered by claiming, on appeal to the General Commissioners, that the Leasehold Reform Act 1967 allowed him to extend the lease for a further 50 years and therefore would not be so classified. The Crown disagreed saying that an extension was not in the terms of the lease and if it were so, then it could only be defined as a new, not extended asset. Moreover, L had not in fact asked for an extension. The high court agreed and dismissed the appeal with costs.
650			_aCAPITAL GAINS TAX
650			_aLEASEHOLD REFORM ACT 1967 SCHED 3
650			_aLEASES
650			_aUNEXPIRED TERM
650			_aWASTING ASSETS
690			_aTAXATION
942			_n0
948			_c04/03/1997
999			_c35743 _d35743