Our pick of interesting cases reported in the last three months
1. Hancock: CGT scheme failed
In Hancock and another v HMRC [2019] UKSC 24 (22 May 2019) the Supreme Court like the Court of Appeal found that a scheme intended to operate as a reorganisation within the scope of TCGA 1992 ss 126 to 130 should be treated as two separate conversions.
Mr and Mrs Hancock had sold the entire share capital of their company to another company and the consideration had consisted of loan notes issued by the purchasing company. The loan notes were not qualifying corporate bonds (QCBs) for the purpose of TCGA 1992 s 117. The sale agreement provided for the payment of further consideration and the couple received further loan notes. These further notes constituted QCBs (following a variation). Both sets of loan notes were exchanged for two secured discounted loan notes ...
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Our pick of interesting cases reported in the last three months
1. Hancock: CGT scheme failed
In Hancock and another v HMRC [2019] UKSC 24 (22 May 2019) the Supreme Court like the Court of Appeal found that a scheme intended to operate as a reorganisation within the scope of TCGA 1992 ss 126 to 130 should be treated as two separate conversions.
Mr and Mrs Hancock had sold the entire share capital of their company to another company and the consideration had consisted of loan notes issued by the purchasing company. The loan notes were not qualifying corporate bonds (QCBs) for the purpose of TCGA 1992 s 117. The sale agreement provided for the payment of further consideration and the couple received further loan notes. These further notes constituted QCBs (following a variation). Both sets of loan notes were exchanged for two secured discounted loan notes ...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
