In Anthony Hardy v HMRC [2015] UKFTT 250 (3 June 2015) the FTT found that the loss of a deposit resulting from the failure to complete a contract was not a loss on a disposal for CGT purposes.
The case concerned the purchases of two properties by Mr Hardy. As funds had not been available to complete either of the purchases on the completion date the sellers had rescinded both contracts and retained the deposits paid. In the course of seeking to raise funds Mr Hardy had realised capital gains on two other properties against which he sought to offset the loss of the two deposits.
The FTT referred to the House of Lords decision in Jerome v Kelly [2004] STC 887 as authority for the proposition...
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In Anthony Hardy v HMRC [2015] UKFTT 250 (3 June 2015) the FTT found that the loss of a deposit resulting from the failure to complete a contract was not a loss on a disposal for CGT purposes.
The case concerned the purchases of two properties by Mr Hardy. As funds had not been available to complete either of the purchases on the completion date the sellers had rescinded both contracts and retained the deposits paid. In the course of seeking to raise funds Mr Hardy had realised capital gains on two other properties against which he sought to offset the loss of the two deposits.
The FTT referred to the House of Lords decision in Jerome v Kelly [2004] STC 887 as authority for the proposition...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
